Mexico's Largest Oceanfront Development Site Goes on Auction Block
Mexico's Largest Oceanfront Mixed-Use Development Site Goes on Auction Block
Posted by Michael
Gerrity 04/27/12 12:15 PM EST
Property investors get
ready, Mexico's "Cancun of the West Coast" goes up for auction soon.
Paramount Realty USA has just announced this week it has been hired by a group
of private land owners in Mexico to auction one of Mexico's largest remaining
tourism development sites nestled along the beach between Acapulco and Ixtapa -
the golden West Coast of Mexico.
The oceanfront property, approximately 2,259 acres, is located on nearly four
miles of beach and lagoon front along the Pacific Ocean. The property is
zoned for tourism development, including resorts, golf courses, marinas, retail
and commercial development, including villas and luxury condominiums.
"The site, which is 20 minutes from the International Airport in Ixtapa,
represents an amazing development opportunity for hoteliers, developers, high
net worth individuals, and institutional or local investors," said Misha
Haghani, principal of Paramount Realty USA. "The property will be sold to
the highest bidder at or above the minimum bid of $39 million (equivalent
to just US $4.25 per square meter)," he added.
The sealed bid deadline
for the auction is June 28, 2012. "A 2011 Mexican government appraisal and report assessed just one-fifth of
the property at $175 million," added Haghani. "This auction
represents a truly rare opportunity for the right investor or developer."
The sellers of the property, a small group of shareholders comprised primarily
of prominent Mexican citizens in their 70's and 80's, began purchasing parcels
of the assemblage from a wealthy Mexican family back in 1979 under a company
named Inmobiliaria Fraccionamientos Turisticos, S.A. de C.V (also known as
"Infratur").
"This group held out hopes of developing the land for over 30 years, but
now realize they will not see their dreams materialize in their lifetime,"
added Haghani. "They want someone else to live out the dream for them and
they are willing to sacrifice the selling price drastically to do so."
Representing the owners
is the president of Infratur, Eddie Villa Real, a leading Mexican businessman,
writer and physicist, who founded several electronics companies and who, in
later years, became an activist dedicated to improving tourism in Mexico and fighting
environmental and pollution problems in his country.
"This land is without a doubt one of the largest and most beautiful
undeveloped oceanfront sites left in Mexico," said Villa Real.
The property, known as Bahiamar, is zoned for tourism development and is
strongly supported by the local, state and federal governments. It lies
in the city and municipality of Petátlan in the state of Guerrero, on the
western coast of Mexico.
The property, envisioned as the "Cancun of the West Coast," is
located just south of the Ixtapa-Zihuatanejo tourism zone within the Costa
Grande region, which is comprised of approximately 311 miles of coastline
extending from the border of the Mexican state of Michoacan to the Acapulco
area. The most significantly developed infrastructure for tourism along
this coast lies in Zihuatanejo and Ixtapa.
The property, which
boasts year round tropical weather, includes miles of sandy beaches and over
3,500 coconut trees, extremely fertile soil on the lagoon side and a very
unique granite pit. Immediately south of Bahiamar is an exclusive
ecological hotel, known as Playa Viva, which is powered 100% by solar power
energy.
The infrastructure includes a highway that intersects the Bahiamar entrance, an
authorized four-lane highway under construction from Ixtapa to the site, high
voltage electricity, a microwave relay station which will permit installation
of thousands of telephone lines, high quality fresh water sources and water
wells for irrigation. It is also driving distance from Mexico City, Leon,
Acapulco, Guadalajara, Ixtapa and Zihuatanejo.
The property will be sold to the highest bidder at or above the minimum bid of
$39 million (equivalent to just US $4.25 per square meter)," added. Misha
Haghani, principal of Paramount Realty USA.