Prudential Teams With Mexican Developer on Phase II of Baja Resort
- Jun 05, 2008
Mexican developer Grupo Concord has formed a joint venture with Prudential Real Estate Investors to develop the second phase of the CostaBaja Resort & Marina project on the Sea of Cortez (the Gulf of California). PREI, the investment management arm of Prudential Financial Inc., is acting on behalf of institutional investors, and will invest up to $800 million in the project over several years. The project is located about five miles from Downtown La Paz, the state capital of Baja California Sur. Currently, the CostaBaja complex has a marina for 250 boats, a 120-room hotel, retail space and entertainment areas surrounding the marina, along with 50 residential units. Construction of Costa Baja’s Phase II is expected to begin later this year. When completed, the overall project will comprise about 1,800 condo units. The resort will also host the first golf course in Mexico to be designed by golfer Gary Player. Grupo Concord, founded in the 1970s, is longstanding presence in Mexico’s real estate development market, most notably for office and residential projects in Mexico City and Acapulco. In the last five years, Grupo Concord expanded into tourism-related projects along the Sea of Cortez, especially the CostaBaja Resort & Marina.