NEWS
In Mexico, Pacific coast parcel ripe for tourism development
By Gay Nagle Myers
A massive parcel of undeveloped beachfront land nestled along Mexico’s Pacific
could well be the country’s west coast version of Cancun.
It’s too soon to tell, of course, but the
2,259 oceanfront acres known as Bahiamar, located on nearly four miles of
beach and lagoon along the Pacific coast
20 minutes south of the airport in Ixtapa,
are up for grabs.
Well, not exactly grabs. The land is on
the auction block right now with a sealed-bid deadline of June 28 and a minimum
bid of $39 million, working out to $4.25
per square meter.
The land, which remains untouched
in its natural state of sand, sea grass and
shrubs, is zoned for tourism develop-
ment, including resorts, golf courses,
marinas, villas, condominiums and retail
business. It carries no mortgage and has
owners eager
to sell — at the
right price, of
course.
Paramount Realty USA, a leading real
estate auction company based in New
York, is handling the auction negotiations
on behalf of a small group of prominent
can family under a company named In-mobiliara Fraccionamientos Turisticos,
also known as Infratur.
Only one of the original group of pur-
chasers is alive today, and all of the cur-
rent owners are in their 70s and 80s, hav-
ing acquired their shares passed down
from family members over the years.
Bahiamar, a 2,259-acre parcel 20
minutes south of the airport in
Ixtapa, is up for auction.
Long-standing hopes
“The original purchasers, a group of 12
to 15 individuals, held out hopes of developing the land for more than 30 years,”
Haghani said. “Now the current owners
realize they will not see their dreams materialize in their lifetimes.
“They want someone else to live out
the dream for them, and they are willing
to sacrifice the selling price to do so,” he
said.
Representing the present owners is
Eddie Villa Real, 77, president of Infratur and a leading Mexican businessman,
writer and physicist.
Villa Real earlier founded several electronics companies and in later years became an activist dedicated to improving
tourism and fighting environmental and
pollution problems in Mexico.
“This land is without a doubt one of
the largest and most undeveloped ocean-
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