It has been reported that Carlos Slim, one of the richest men in the world, has made a huge investment purchase in the Loreto Bay Resort located in Baja California. Carlos slim was reported to be a frequent visitor of the resort so it is no surprise that he took on the decision to recover the struggling project!
As reported on the World Property Channel website, “Loreto Bay, which debuted in 2004, is an ambitious attempt to create a master-planned development targeting international buyers in a remote area of Baja California, north of La Paz. The Trust for Sustainable Development (TSD), working with Mexico’s tourism agency Fonatur, planned to build a $3 billion residential resort with 6,000 homes, golf courses and hotels on 8,000 acres.
The development was billed as a model for sustainable projects, with the residential areas designed around new urbanism principles, with an emphasis on dense neighborhoods with walkable areas, organic farms and a large portion of the land set aside for a nature preserve.”
The struggle and the optimistic solution
But with bad economic times, the project has seen struggles and the true intention of the project did not meet its peak. After a couple different attempts by other companies to revamp the project, Carlos Slim and his company, Grupo Carso, has taken on the challenge of living out the initial expectation of the Loreto Bay Resort.
What does this mean for Mexico Real Estate attraction?
This project, if handled right, can be a huge attraction foreigners interested in investing in Mexico Real Estate. The demand for properties and rise of expats living in Baja California are certainly rising to a high percentage. A new development like this will definitely bring more to the table.
It is expected that the Loreto Bay resort will be an upscale resort and residential community complete with its very own golf course! There is plenty of opportunity for building new development in this resort area.
It is a concept that has become very popular for investors and retirees. Resort communities such as Bahia Principe in Tulum have done an excellent job creating full time residences with the benefits of using resort facilities! With the right ideas, and sufficient resources Carlos slim can very well turn this resort community into a dream come true for many foreign buyers.