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Latin America Investment News on Viva Tropical

Major Pacific Coastal Investment Planned for Costa Rica

Article Summary:

Costa Rica is planning a mini-city and mega beach community in Puntarenas with an estimated value of $211 million.

Photo Credit: El Fininceiro

Original Article Text From el Financiero via Google Translate :

Mini-city mega beach and two mixed-use projects reach Puntarenas from 2014

Central Canton Garabito receive investments of over $ 211 million in the next 15 years

Three mega housing for Costa Rican firms aim to change the face for many years relegated the province of Puntarenas , specifically in Central and Garabito cantons .

These , together with six other smaller private works , representing investments of over $ 211 million and the use of more than 164 hectares of land in the next 15 years.

The amount of money does not include the data indicated the most ambitious plan : Mystic, a mini-city beach located within an area of ​​110 hectares in Playa Hermosa, Garabito .

Development 506, company in charge of the work, build a gated community of three stages aimed at middle-class Costa Rican high and high , aged between 30 and 60.

Mystic allow extended families visit or even live in the place , it will feature amenities such as convenience center , several clubs , among those one equestrian, 12 km of bike paths, boutique hotel and four acres of parkland .

Its main attraction is a series of lakes located over 130,000 m2 . According to Manuel Santos , project coordinator , Mystic precolocó and 65 % of 85 single-family lots in the first stage.

For its part, the mixed-use complex Jaco Walk, located in the center of the district , representing an investment of $ 50 million, 70,000 m2 and 600 parking spaces that will be raised over five to eight years . It will be developed by the firm Interra for a Costa Rican family owns the land .

Alfredo Atmetlla , managing partner of the company, said the first phase , which will begin shipping next month and will be released in October 2014 – will consist of a shopping plaza , bank, fast food restaurants , medical and office tower .

Walk Jaco have entrances and exits to the sea, mountains and Main Street , and at a later stage will operate a hotel.

“Today there are shops that are not in Jaco for lack of adequate infrastructure to operate international franchise standards , even , there are others who are working in unsuitable premises ,” says Atmetlla on the need that the project aims to fill .

Moreover, for the canton of Puntarenas and EF had announced the building of the Ocean Mall shopping center of 22,000 m2 and a $ 20 million investment . Would be ready in early 2015.

However , this is only the first phase of a mixed complex called Oak City , which will feature condominiums, office center , apartment towers and other amenities in an area of ​​32 acres , to be developed over the next 15 years.

According Arnoldo Ramos , representing the developer group , total investment of quintuple the mall .

These projects are in addition smaller ones like hotels and Crocs Ocean and Central Pacific Stadium , all located in Jaco in order to open doors next year.

In the same way , EF knew that the tourist resorts Punta Leona and Los Sueños Marina and Herradura Plaza shopping center have plans to expand their facilities .

With these investments , the Municipality of Garabito expects to increase its budget for 2015 by 75 % and reach ¢ 7,000 million.

Despite the rebound property that lives in the area, local governments will play them overcome a number of challenges , such as increased educational opportunities , improved water and electricity services , alongside the fight against social problems like drugs and sex tourism .

Already passed the crisis?
After the cessation of experienced real estate development between 2009 and 2011 , the mayor of Garabito , Marvin Elizondo says that the worst is over .

From the list of projects stranded in the area, only two remain motionless : Jaco One ( left ) and Jaco Palms (owned National Bank ) , while others , such as Ramada Jaco Bay, moving slowly .

Still, things are not like before. Data Association of Engineers and Architects ( CFIA ) indicate that five years ago had processed 53% more square meters and Garabito Puntarenas .

However, 267 402 m2 processed until last August, representing 112% of the reported throughout 2012 .

” We realized that the province of Puntarenas go through a process of renewal and that, particularly in the area of Jaco and Playa Hermosa, had a large potential for increasing domestic tourism ,” explains Manuel Santos , coordinator of Mystic.

In fact, the Central American Population Center forecasts a growth of 7% in the total population of Garabito 2015.

In the country , the average in recent years does not even reach 2% , but the presence of an immigrant population ( nearly half of households are composed by foreigners ) has whetted the appetite of investors.

For the mayor , other factors have contributed to the rebirth property are the opening of the new road to Caldera , more orderly development of the canton and the anticipation for the operation of a new international airport in Orotina , which would begin to build before 2025 .

Arnoldo Ramos , Ocean Mall, considered to Puntarenas and Central Canton have been long forgotten by investors, even though there is a clear need for housing , offices and commercial premises .

” Someone has to start ,” he said Ramos , a businessman in the area with experience in real estate development .

Appetite for national
Another trend of the booming Central Pacific is the importance that is being given to the Costa Rican market .

In City Oak , for example , will develop 80 condominium homes in two stages , a couple of towers and a residential apartments , all designed in the local market . The first phase is already in development.

For its part, chose a target audience Mystic 100 % Costa Rican and selling their lots to $ 245 per square meter.

“We could not throw with the prices at which it sells the land to foreigners in other projects , it would hurt our target audience ,” said Mystic coordinator .

Despite that, the cost is accessible only to the upper classes . In fact , Elizondo believes that the high price per square meter in the Garabito ( $ 300 – $ 400 ) undermines the options to build housing for the disadvantaged.

In response, and three projects are underway , in conjunction with the National Housing Institute ( INVU ) – to build houses in areas such as social good Tarcoles and Jaco Lagunillas , confirmed the mayor.

Meanwhile , Ocean Hotel and Condominium , Israeli investment Itai Bar- owner Tacobar – restaurant chain , is run by 70 % to domestic market and already placed half of its 46 units .

Education and sport
In parallel , real estate development in the area will be accompanied by new investments in education and sports sectors .

The group Laureate International Universities ( Ulatina or UAM ) , Universidad Estatal a Distancia (UNED ) and the National Training Institute (INA ) are some of the entities of public and private education that will open new offices in the Central Pacific .

The first two will be located in Puntarenas. The Laureate affiliated occupy approximately 2,000 m2 within the UNED Ocean Mall and will have the capacity to serve 1,200 students at its center.

Ombudsmen of the Municipality of Puntarenas also confirmed the interest of the University of Costa Rica to install a new headquarters in the area within an area of ​​10 hectares.

Meanwhile , the city government plans to meet the next year INA .

The area also point to sports development with the construction of the Central Pacific Stadium , Patrick V. American project Hundley , one of the leading entrepreneurs and investors Garabito , owner of Teatro Jacó also .

The property shall be comprised of civil works of 86,600 m2 and capacity for 6,000 spectators , the manager Melvin Pereira confirmed .

Remaining Challenges
The construction of a treatment plant wastewater , a basin of water protection and combating crime and sexual tourism are three major challenges Garabito area .

Elizondo Mayor recognizes this and note that in the first case , the project has been delayed for years due to not run Water and Sewer investment plan of more than $ 20 million. Nevertheless , said the agency has already invested in advances in design plans .

Regarding water availability , Elizondo believes that is one of the main strengths of the canton and confirmed so developers polled by EF .

However, there is still finalize the plan to create a watershed around the county, which would prohibit the execution of projects.

“The main problem with the area is the electric fluid as it fluctuates too much in losses to both trade and the inhabitants of the area. It is one of the areas for electricity costs the country more expensive and lower quality curiously , “said Pereira .

In order to tackle the issue of drugs and safety , the city installed about 40 cameras on the main road to expedite the work of the security forces .

Also, the Canton Zoning Plan 2015 proposes the creation of a ” pink zone ” away from downtown Jaco where you locate businesses like casinos and nightclubs night .

And the list of projects follows. At the end of the year will begin construction of a linear park along the 4.2 miles of beach Jaco.

Also for 2014 , it is projected the establishment of the first of seven community centers that operate in the country and will include a host of INA , a Network of Care for children and an amphitheater , among other cultural elements .

To make matters worse , a businessman recently donated a property area of 13 hectares which will operate in 2016 called Institutional City , bringing together in one place to bodies such as the Municipal Government , Fire, Forces, among others.

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