Carlos Slim Invests In Mexico Real Estate – Buys Loreto Bay Resort
When one of the richest persons in the world makes a move the world takes notice. So when Carlos Slim, the richest man in Mexico decides to buy a project it will create a flurry. Mexico real estate industry is agog with the news that Mr. Slim has purchased Loreto Bay Resort on the Sea of Cortez.
This has been confirmed by none other than State Secretary of Tourism Ruben Lugo Reachi who also told reporters that Mr. Slim’s company, Grupo Carso, would have the “necessary resources” to jump start the project.
It was a distressed sale as the Mexican housing company, Homex was struggling with low sales and mounting losses. The Trust for Sustainable Development (TSD) teamed up with Mexico’s tourism agency Fonatur to construct a residential resort with 6,000 homes, golf courses and hotels spread over a whopping 8,000 acres. The project was to be built at a cost of $3 billion.
Loreto Bay Resort has been hailed as a model for sustainable projects. Contemporary urban principles have been incorporated for this residential project. Dense neighborhoods with organic farms and nature preserve were designed in to the project. Special care was taken to ensure that people can walk around their neighborhood freely. The project started in 2004 as a master planned development which would target foreign buyers in a remote area of Baja California.
Citibank was roped in as an investor. The problems started in 2009 when the developer TSD Loreto informed owners that all operating and construction activities for Loreto Bay would be halted “due to the challenging situation in the international real estate and financial markets.”
“Several potential buyers and investors have visited the project over the last few months, yet in the context of the current economic crisis and credit shortage, the project has been unable to secure a buyer or new investor,” the developer said.
Homex then decided to take over the project in 2010 but the market conditions and its own financial problem hounded Homex out of the project.
Mexico real estate is currently witnessing an uptrend due to a strong tourism number from areas such as Cancun, Playa del Carmen in the state of Quinatana Roo and improved performance of USA’s economy.
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