Manuel Arango, Chief Executive Officer of PREI®-Latin America announce a partnership to develop the second phase of the CostaBaja Resort & Marina project.
Canada (Press Release) June 11, 2008 --
Manuel Arango, President of Grupo Concord and Roberto Ordorica, Chief Executive Officer of PREI®-Latin America (Prudential Real Estate Investors) announce a partnership to develop the second phase of the CostaBaja Resort & Marina project.
This phase includes the construction of residential units, a golf course designed by Gary Player, and a Spa, with investments of US$800 million.
Mexico City, June 5, 2008 — Grupo Concord, developer of CostaBaja Resort & Marina, a world-class tourist real estate project located adjacent to the city of La Paz, Baja California Sur announces that it has formalized a partnership with PREI, the real estate investment management business of Prudential Financial Inc. (NYSE: PRU) to jointly develop the second phase of this major tourism project.
The companies informed that the US$800 million investment will be aimed at constructing residential units, a golf course designed by worldwide known golf legend Gary Player, a spa, and the whole infrastructure necessary for the completion of the project that is expected to generate a significant number of new jobs and further economic development in the region.
Alejandro Magaña, General Director of Grupo Concord, said: “We believe that our newly formed partnership with PREI will strengthen our market position and provide us with a platform to successfully continue the development of the project in the city of La Paz. The CostaBaja complex already has a marina for 250 boats, a 120-room hotel, retail and entertainment areas surrounding the marina, and 50 residential units, all of which required an initial investment of US$120 million.”
According to Manuel Arango, President of Grupo Concord, “La Paz is the gateway to the natural wonders of the Gulf of California. We have been committed to the region for several decades, during which we helped protect the natural heritage and promote its sustainable development. One example is our participation in the rescue and donation of the Espiritu Santo Island, off the coast of La Paz, to the Mexican nation, so that it could be preserved”. Mr. Arango also noted that The Sea of Cortez is home to a third of the world’s dolphins and that Jacques Cousteau labeled it the “aquarium of the world.”
“We are proud to form this partnership with Grupo Concord, which has been committed to sustainable development and natural preservation,” said Roberto Ordorica, CEO of PREI-Latin America. “This project provides our investors with an excellent opportunity to participate in Mexico’s rapidly growing tourism industry and strengthens our commitment to Mexico.”
Read more at http://www.costabajaresort.com/press-releases.php
This phase includes the construction of residential units, a golf course designed by Gary Player, and a Spa, with investments of US$800 million.
Mexico City, June 5, 2008 — Grupo Concord, developer of CostaBaja Resort & Marina, a world-class tourist real estate project located adjacent to the city of La Paz, Baja California Sur announces that it has formalized a partnership with PREI, the real estate investment management business of Prudential Financial Inc. (NYSE: PRU) to jointly develop the second phase of this major tourism project.
The companies informed that the US$800 million investment will be aimed at constructing residential units, a golf course designed by worldwide known golf legend Gary Player, a spa, and the whole infrastructure necessary for the completion of the project that is expected to generate a significant number of new jobs and further economic development in the region.
Alejandro Magaña, General Director of Grupo Concord, said: “We believe that our newly formed partnership with PREI will strengthen our market position and provide us with a platform to successfully continue the development of the project in the city of La Paz. The CostaBaja complex already has a marina for 250 boats, a 120-room hotel, retail and entertainment areas surrounding the marina, and 50 residential units, all of which required an initial investment of US$120 million.”
According to Manuel Arango, President of Grupo Concord, “La Paz is the gateway to the natural wonders of the Gulf of California. We have been committed to the region for several decades, during which we helped protect the natural heritage and promote its sustainable development. One example is our participation in the rescue and donation of the Espiritu Santo Island, off the coast of La Paz, to the Mexican nation, so that it could be preserved”. Mr. Arango also noted that The Sea of Cortez is home to a third of the world’s dolphins and that Jacques Cousteau labeled it the “aquarium of the world.”
“We are proud to form this partnership with Grupo Concord, which has been committed to sustainable development and natural preservation,” said Roberto Ordorica, CEO of PREI-Latin America. “This project provides our investors with an excellent opportunity to participate in Mexico’s rapidly growing tourism industry and strengthens our commitment to Mexico.”
Read more at http://www.costabajaresort.com/press-releases.php
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