Riviera Nayarit has an advantage over Costalegre because it’s closer to the Puerto Vallarta international airport and the large, cosmopolitan city of Guadalajara. It has also proven to be more pro-development, especially with current Governor Ney Gonzalez. The highway that passes along this coastline is not adequate for any new development, already at capacity from just serving the local communities and traffic heading to Vallarta from Guadalajara and the Bajio region. Improvements have been promised for many years, most recently by both the federal and state governments, which announced plans to improve and widen the current highway, improve sewage treatment for the region and build a new airport near Las Varas.
Riviera Nayarit Developments
There are a number of fine mega-developments in Riviera Nayarit (Punta Mita, for instance). It has proven to be a wonderful model for other developments and has raised the bar to a high standard with low-density and high-value real estate development. Again, there are numerous developments on this coastline (see map), but we will focus on three developments that would have the most impact on Riviera Nayarit in the near future: Nahui, Punta Raza and La Mandarina.
Nahui is a 2100-acre development on the north shore of Banderas Bay, just west of La Cruz de Huanacaxtle and encompassing the beach of Destiladeras. Developed by C&C Capital, a Guadalajara-based real estate development company, 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 land.
Phase I will include sites for hotel and timeshare development along the beach at Destiladeras, with small boutique hotel sites and homes to be built on the hillside behind, overlooking the bay. A village on the beach at the property’s western edge (modeled after Playa del Carmen’s famous Fifth Avenue) will provide a publicly accessible retail, dining and entertainment center and plaza that will be the hub not just for Nahui but also for the region. Phase II will be a gated ocean- and golf-oriented property overlooking the Pacific, anchored by a luxury hotel along with seaside estates, hillside villas and residential estates. Eventually, 400 to 450 residential units will be included in the project. It all will be built around an 18-hole golf course, beach club, tennis center and spa.
The other project by C&C Capital, Punta Raza lies just south of Guayabitos, about an hour north of Vallarta’s airport. Punta Raza encompasses nearly 300 hectares, with nearly 3 km of beach in a single strip and 3.24 km of rocky ocean frontage dotted with pocket beaches and private coves. It 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. Punta Raza will eventually accommodate up to 1000 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 are also planned.
The third mega-project, being developed by Rasaland Development (the group developing Chala in Costalegre), is La Mandarina. Situated just south of Punta Raza in an area locally referred to as Monteon, La Mandarina will consist of 300 hectares with 5 km of beachfront, including three private beaches. When built out, the development will consist of two five-star hotels, an 18-hole golf course and numerous residential options. Rasaland has the unique position of being developers in both Riviera Nayarit and Costalegre. The developments, as far as what each will offer, are actually quite similar, with hotel sites, golf and both home and condominium residential opportunities.
The tourism development arm of the Mexican government, Fonatur, has three projects planned for the region: in Litibu, just north of Punta Mita; and in La Peñita and El Capomo, just north of Guayabitos. Litibu exists, with the infrastructure in place, but further development has slowed or stopped completely because of the downturn in the economy, and La Peñita and El Capomo are on hold at the current time.
So, as we concern ourselves about the state of the real estate market today, others—who have weathered similar cycles before—are investing, preparing for what they believe to be inevitable: a return to a strong demand for tourism real estate in Mexico, especially in Costa Vallarta. Let’s hope they’re right!
This is not intended to be an all-encompassing review of everything that is currently developing in Costa Vallarta. There isn’t enough room to cover it all in this magazine; however, we do plan to continue to update this article online. You’ll be able to find it at http://www.vallartarealestate.wordpress.com. We also plan to expand the article so that it can include information about other developments in the region.
Riviera Nayarit real estate – Part 3 of “Looking Ahead”
This is the third and final of a three part series on future real estate development along Costa Vallarta. The full article appeared in the magazine Costa Vallarta (February 2010). Please also check out Part I and Part II.