Welcome to Baja123.com Blog Sign in | Help

Loreto Bay Company Passes $300 Million Milestone



Press Release

Source: Loreto Bay Company

Loreto Bay Company Passes $300 Million Milestone
Monday November 27, 6:12 pm ET


Sustainable Development's First Years Prove to be Successful

LORETO BAY, BAJA CALIFORNIA SUR, Mexico, Nov. 27 /PRNewswire/ -- Loreto Bay Company, currently developing The Villages of Loreto Bay, a seaside community in Baja California Sur has surpassed its $300 million home sales mark as it continues to move closer to becoming the largest resort community in North America committed to the principles of sustainable development and environmental responsibility. Located approximately 700 miles south of San Diego along the Sea of Cortes, the $3 billion project is creating a town of approximately 6,000 homes in pedestrian-oriented, car-free neighborhoods near the historic fishing village of Loreto.

In three years, Loreto Bay has sold out Phase 1, called "Founders' Neighborhood" and progressed on expansion of Phases 2 and 3, called "Agua Viva," a community being planned along natural estuaries and constructed canals that will be designed to regenerate native mangrove forests. With numerous floor plans to select from and custom homesites, ranging from beachfront properties along the Sea of Cortes, golf course properties facing the rugged Sierra de la Giganta mountains, homes along the water's edge in "Agua Viva" and "Casa Nopolo" condominiums that offer the carefree condominium lifestyle within the "Founders' Neighborhood," over 700 homes have been sold to date.

Staying true to its environmental sensibilities, Loreto Bay has designated 5,000 acres of the 8,000 acre property as a natural preserve with trails for hiking, biking and horseback riding, plus areas for organic farming and orchards. "The overwhelming response to our plan of creating human scale, walkable, seaside villages while emphasizing ecologically friendly and sustainable development is a very gratifying testament to the vision, loyalty and hard work of our wonderful team of professionals at Loreto Bay," stated Jim Grogan, President and CEO of Loreto Bay Company.

While working rigorously to sustain the surrounding environment, Loreto Bay Company has clearly fostered economic development in the region. Donating 1% of all home sales to the Loreto Bay Foundation, over $3 million dollars have been pledged to help with various projects, such as development of the new hospital, a full-service medical facility, a youth soccer league and construction of Loreto Bay's new environmental center, among other projects for the town of Loreto. Over 1,000 long-term jobs have been created on the construction site, at the recently acquired Inn at Loreto Bay and other growing businesses in the area.

"We're pleased to have been successful at beginning to establish an international reputation for applying sustainability practices to the development and will continue making large strides to become the global leader in this field," stated Jim Grogan.

Loreto was identified by FONATUR, Mexico's tourism development agency, more than 25 years ago as one of five prime tourism destinations in Mexico. The construction of The Villages of Loreto Bay has ignited attention from the U.S. and Canadian markets and rapidly increased tourism to the region. The recently acquired Inn at Loreto Bay offers numerous packages to satisfy the most diverse traveler. New flights from Alaska Airlines have been added comprising a fourth weekly flight on Fridays, between Los Angeles and Loreto. In addition, Delta will soon launch daily non-stop service to begin on December 16th between Los Angeles and Loreto. Renovation of the existing full service golf course is expected to begin in early 2007, in addition to the tennis center. The upscale Loreto Bay Beach Club is expected to begin construction early next year as well. As more homebuyers are seeking beachfront property, there is no question that Loreto Bay's unspoiled natural surroundings, diverse geography and breathtaking scenery offer endless possibilities.

Published Tuesday, December 5, 2006 5:14 PM by Kanoa Biondolillo


Anonymous comments are disabled