Final 75 Units in $200M Mexican Luxury Condo Up for Sale
- Jan 08, 2008
Related International, a subsidiary of Miami-based The Related Group, said today it was opening up sales on 75 high-end condominiums in The Grand Tower, the third and final tower at its $200 million ICON Vallarta development in Puerto Vallarta, Mexico.Prices for the 75 units in The Grand Tower will range from $775,000 to $1.4 million for condos with interiors designed by the renowned firm Yoo by Phillipe Starck. When built out, there will be 336 condos at the development and seven oceanfront villas. A construction timetable was not available by press time today. Bernardo Fort-Brescia of Arquitectonica designed the exteriors. The site has just under five acres of land and includes 1,000 feet of beachfront on Banderas Bay.“The release of The Grand Tower follows our overwhelming sales successes with Towers One and Two,” Jorge Perez, chairman of The Related Group, said in a release today. “We anticipate there being an even higher demand for the third tower due to the limited number of condominiums available and the fact that this is the last opportunity to purchase a Yoo by Phillipe Starck designed property in this area of the world.”The three- and four-bedroom condominiums and penthouses will feature floor-to-ceiling windows with views of the Pacific Ocean, mountain ranges and downtown Puerto Vallarta. Each unit will have high high-tech telecommunications equipment as well as upscale amenities including personal safes, espresso machines and wine refrigerators. The development will have an oceanfront-gym, spa, 20-seat theater, private gourmet restaurant, and private golf course privileges.Construction on Tower One began in September. In late June, 130 properties were sold in three days, generating more than $70 million in revenues. The developers opened up sales on Tower Two in early July.Fortune Related International Sales is handling sales at ICON Vallarta.As reported by CPN on Feb. 12, 2007, Related International is investing more than $1 billion in Mexican real estate over the next two years. ICON Vallarta is the first project in Mexico, but the developer is also buying land in Acapulco, Cabo San Lucas, Playa del Carmen and Zihuatanejo. The CPN story noted that Related International was also researching possible luxury condo developments in Costa Rica, Panama, Colombia, Argentina and Uruguay.The Related Group is one of the largest private multifamily developers in the United States, having built more than 70,000 units since Perez founded the firm. Some of its luxury developments include ICON Brickell and ICON South Beach, both in Miami.