Loreto Bay Company Acquires Additional Land for Seaside Villages
Pre-sales top $76 million, total sales top $300 million in this Baja sustainable development
SCOTTSDALE, AZ /LORETO, BCS, Mexico. August 9, 2006. Scottsdale-based Loreto Bay Company, developers of The Villages of Loreto Bay, a Mexican seaside sustainable development in Baja California Sur, has exercised its option to acquire two additional phases of land from FONATUR, Mexico's tourism development division. Loreto Bay has a contractual agreement with FONATUR to purchase nine phases totaling 8,000 acres over time.
Loreto Bay has already sold out its first phase, the Founders' Neighborhood, where over 100 homes are already occupied and another 250 are under construction. Approximately 900 homes will be constructed in phases two and three. This parcel, called Agua Viva ("Living Water"), is a vibrant confluence of human habitation and a series of regenerated estuaries. Home prices in Agua Viva start in the high $300,000s.
"Loreto Bay is designed in small, romantic, walkable villages," said Jim Grogan, President and CEO of Loreto Bay Company. "Our buyers love that the courtyard homes invite indoor/outdoor living. And the architecture is artisanal, with touches that make each home truly special."
The Villages of Loreto Bay offer courtyard homes, luxury condominiums and beachfront or golf course custom villas. Loreto Bay has already sold more than 600 homes, with sales topping $300 million in less than three years.
Loreto Bay is located approximately 700 miles south of San Diego along the Sea of Cort'es in Baja California Sur, Mexico. This $3 billion project, which will be built over 12 to 15 years, will create a town of approximately 6,000 homes in pedestrian-oriented, car-free neighborhoods. The project includes the Inn at Loreto Bay, a 155-room resort with Santa Fe style design and architecture. The company is also in the process of developing a world-class Beach Club and Spa, Golf Club, plus space for retail, entertainment, an artisans' village and recreational facilities. Of the 8,000 acres encompassed in the master plan, 5,000 acres will be maintained as a natural "green lands" preserve. This area will have trails for hiking, cycling and horseback riding, plus areas for organic farming and orchards.
"It is our goal to ensure that Loreto Bay sets the standard for sustainable developments around the world," added Grogan. "Our focus is on conserving energy, reducing water consumption, solid waste materials and air pollution, as well as creating economic opportunities through new jobs and local businesses."
Loreto was one of five areas identified about 25 years ago by FONATUR as prime tourism destinations. FONATUR also identified and helped develop Cancun, Los Cabos, Ixtapa-Zihuatenejo and Huatulco.
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