It may not be the most active real estate market right now, but there are developers looking ahead, planning for the future when the market does come back. C&C Capital, a Guadalajara-based real estate development company, has announced two large mega-development projects for 2010, Nahui and Punta Raza, with sales commencing in December and January.
The first is Nahui, a 2,100-acre development situated west of La Cruz de Huanacaxtle, in between Real del Mar/Arena Blanca and the beach of Destiladeras heading west towards Punta de Mita. The property has over 4.5 km of oceanfront and more than 243 meters of elevation change. The highway to Punta Mita, at least the stretch from La Cruz to the hotel Paladium will ultimately be relocated behind this property, freeing up valuable coastal property. The new access point will be on the easterly side of the new development of Alamar in La Cruz.
Phase I of Nahui will include sites for timeshare development called Tau Nahui resort, an anchor hotel, and for a collection of small boutique hotels and residential product options built onto the hillside behind overlooking the bay. Both Tau Nahui and the boutique hotel components will provide an ongoing stream of leads for real estate available on the hillside behind. The idea and hope of the developer is that Nahui will evolve into a west-coast version of Playa del Carmen, (a very successful and popular resort town near Cancun), however with more thoughtful, planned development.
A pedestrian pueblo (the Village) at the property’s western edge facing the beach will provide a publicly accessible retail dining and entertainment center and plaza, and will be the village hub not just for Nahui but for the region.
Phase II, or Club Nahui, will be situated on the eastern most section (next to Arena Blanca/Real del Mar) of Nahui that will include a gated ocean- and golf-oriented property overlooking the Pacific, anchored by a 100-room hotel, planned to be operated by the 6-star Capella Hotels and Resorts company with 120 branded residences. The product will include seaside estates, 3- and 4-bedroom hillside villas, stacked flats with penthouses and custom residential estates, all sharing views to the ocean. 400 to 450 residential units will eventually encompass the complete project.
The hotel and the residential units will be built around a Rees Jones-designed signature golf course, and will have a beach club, tennis center, golf clubhouse, an Auriga spa. The 18-hole golf club and clubhouse will be open to public play with preferential times reserved for residents and guests.
Nahui North is the third phase of the development, positioned above the existing highway and up into the hills behind. The site is being planned for large ranch-sized lots and is envisioned as an eco-community, designed to ensure preservation at this partially segregated corner of Nahui.
The other project of C&C Capital is Punta Raza, and it is situated just south of Guayabitos, about an hour north from Vallarta’s airport. A new four-lane road is scheduled to be bid out in 2010 which would shorten travel time to and from Puerto Vallarta, but let’s see when that actually takes place. For now though, it isn’t actually that far away.
Punta Raza encompasses 293 hectares with 2.75 kilometers of beach in a single strip and 3.24 kilometers of rocky ocean frontage dotted with pocket beaches and private coves. This really is a spectacular piece of property. I remember flying over it about ten years ago and thinking, it was a developer’s dream with its beachfront, hillsides behind and area large enough for a golf course. The development will feature up to seven luxury hotels, anchored by a 400-room Grand Hyatt Hotel and a 200-room Park Hyatt hotel with 60 Park Hyatt residences. Tau Punta Raza, a timeshare operation, will be the first to open. The site will eventually accommodate up to 1,000 oceanfront and ocean-view single family detached home sites and condominium units, and will feature a private residents-only club. A deep water, 250-slip marina and adjacent village and commercial area is also planned.
Both are very ambitious projects, especially with the market the way it currently is. However, the developer seems to understand this and is launching both projects in phases, all phases to be independent, making build-out much easier. It is understood as well that price points for real estate are going to be very competitive, especially during the early phases of this launch. I think that’s a smart move in this market, you have to do all you can to get people to buy, especially pre-sale!