Loreto Bay Co., of Scottsdale, Ariz., is proving that U.S. builders can gain new ground in Mexico.
Loreto Bay Co., of Scottsdale, Ariz., is proving that U.S. builders can gain new ground in Mexico. The Villages of Loreto Bay, under way in Mexico's Baja California Sur, is a 6,000-home, mixed-use plan on 3 miles of untouched coastline, part of an 8,000-acre parcel. Helpful government authorities have gone as far as land-banking the purchase to eliminate carrying costs.
"There is very strict regulatory oversight, but there is also great government enthusiasm for the novel approach we are taking," says Jim Grogan, Loreto Bay Co. president and CEO, of the New Urbanist land plan, which bans cars. The plan was developed by Andres Duany of Duany Plater-Zyberk & Co. "The small, walkable village approach has resonated not just with the buyers but also with the municipal, state and federal authorities," adds Grogan.
"In the 18 months since I first saw this land, we bought it, got the master plan approved and sold the first $50 million dollars worth of property," says company chairman David Butterfield.
Since last November, the company pre-sold 150 homes. A nation-leading school system and clean, drinkable water will help the boomer resort to become a full-time residential community eventually.
More information on development in Mexico is available at www.usmcoc.org/usa/cha4b.html.