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- Manuel Arango, President of Grupo Concord and Roberto Ordorica, Chief Executive Officer of PREI®-Latin America (Prudential Real Estate Investors) announce a partnership to develop the second phase of the CostaBaja Resort & Marina project.
- This phase includes the construction of residential units, a golf course designed by Gary Player Design, and a Spa, with investments of US$800 million.
The companies informed that the US$800 million investment will be aimed at constructing residential units, a golf course designed by worldwide known golf legend Gary Player Design, a spa, and the whole infrastructure necessary for the completion of the project that is expected to generate a significant number of new jobs and further economic development in the region.
Alejandro Magaña, General Director of Grupo Concord, said: "We believe that our newly formed partnership with PREI will strengthen our market position and provide us with a platform to successfully continue the development of the project in the city of La Paz. The CostaBaja complex already has a marina for 250 boats, a 120-room hotel, retail and entertainment areas surrounding the marina, and 50 residential units, all of which required an initial investment of US$120 million."
According to Manuel Arango, President of Grupo Concord, "La Paz is the gateway to the natural wonders of the Gulf of California. We have been committed to the region for several decades, during which we helped protect the natural heritage and promote its sustainable development. One example is our participation in the rescue and donation of the Espiritu Santo Island, off the coast of La Paz, to the Mexican nation, so that it could be preserved". Mr. Arango also noted that The Sea of Cortez is home to a third of the world's dolphins and that Jacques Cousteau labeled it the "aquarium of the world."
"We are proud to form this partnership with Grupo Concord, which has been committed to sustainable development and natural preservation," said Roberto Ordorica, CEO of PREI-Latin America. "This project provides our investors with an excellent opportunity to participate in Mexico's rapidly growing tourism industry and strengthens our commitment to Mexico."
Grupo Concord has a longstanding presence in Mexico's real estate development market. Manuel Arango founded Grupo Concord in the 1970s which evolved into one of the most reputable development firms in Mexico with important office and residential projects in Mexico City and Acapulco. Grupo Concord since its inception has been associated with the innovation and quality of its projects such as Playamar, a series of very successful condominium residential projects in Acapulco.
In the last five years, Grupo Concord, expanded into tourism-related real estate projects in the Sea of Cortez, having planned and developed CostaBaja Resort & Marina in La Paz, Baja California Sur. For more information please visit www.costabajaresort.com
PREI's specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia, and Latin America. The company's fund management operations, located in Parsippany, N.J.; Atlanta, Munich, London, Mexico City and Singapore, are supported by a network of local offices throughout the world. As of March 31, 2008, Pramerica managed $31.5 billion in net assets on behalf of more than 400 clients and is ranked among the largest real estate investment managers.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com. - Bajainsider.com. (February, 2007) Just ninety miles to the north of the tip of the Baja peninsula is La Paz, a popular fishing and boating destination, that has been relatively unknown to most Americans until now. Whether it is the 2003 listing in Money Magazine as a superb place to retire, the sky-high prices of real estate in nearby Los Cabos, or the announcement of coming golf courses, the spotlight is beginning to shine brightly on La Paz for investment and second homes.
[+] more - The Robb Report Collection. (November 2005) Mexico's most popular tourist destinations--Acapulco, Puerto Vallarta, Cancun and Los Cabos--were sleepy coastal villages until only a few decades ago. Now, La Paz, the capital city of Baja Califronia Sur, appears to be on the brink of becoming Mexico's next big international destination.
[+] Download the pdf - Where to Retire Magazine. (March/April 2006) For those seeking seaside retirement with a bit of salsa, Marina Costa Baja is a new resort community in La Paz, Mexico. It's set on the sandy beaches of the lower Baja Peninsula fronting the blue waters of the Sea of Cortes.
[+] Download the pdf - Orange County California -- The Annual Edition. (2006) Reflecting the meaning of its name, "The Peace," La Paz is a serene, unspoiled, easy-going beach town located on a beautiful bay, the Bahia de la Paz. What makes La Paz so special is the charm and advantages of a real Mexican community. From strolling at sunset along the Malécon, a two mile seaside boardwalk in the center of town, to visiting the artists where they actually make the crafts, La Paz is an authentic Mexican small town.
[+] Download the pdf - Gringo Gazette. (July 2005) On a recent sunny Sunday I explored the new CostaBaja marina/shops/condo project nearing completion on the outskirts of La Paz. It's on the road to the Pichilingue cruise ship terminal, past the old Palmira marina. Well, the Palmira marina is the old marina now that a new marina has opened.
[+] Download the pdf - La Paz, Mexico (February 2007) Experts at the British publication The Travel Magazine spent one whole year traveling more than 26,800 miles and visiting over 1,000 beaches in all 6 continents on a quest to find the twelve Best Beaches in the World, one for each month. The impressive list, including Pink Beach in Antiqua and Whitehaven beach in Australia, recognizes just one beach in Mexico... Enseñada Grande on Isla Espiritu Santo, Sea of Cortez, Baja California.
[+] Download the pdf - La Paz, Mexico. (August 15, 2006) While visitors to YachtFest San Diego this September are exploring some of the world's largest and most luxurious superyachts, they will also be able to discover the latest hot spot in Mexico for owners of all boat sizes. Due north of the north end of La Paz Channel, Marina CostaBaja is the nearest one to the Sea of Cortez, what Jacques Cousteau called "The Aquarium of the World," with its superlative deep-water fishing, cruising and abundant water sports.
[+] Download the pdf - La Paz, Mexico. (October 2006) All reports indicate the cooling trend in real estate is staying offshore of Mexico. Helping to keep it away are the increasing number of baby boomers who are looking for affordable oceanfront property and the significant reforms that have made safe ownership in Mexico a reality.
[+] Download the pdf - La Paz, Mexico. (June 2006) FUBAR ODYSSEY 2007 will be crossing the Finish Line at Marina CostaBaja in November. The first-ever powerboat rally from San Diego to La Paz Mexico, FUBAR ODYSSEY 2007, is gearing up for a November 7th departure. Planned by Del Rey Yacht Club in partnership with Mexico's Tourism Board and intended to provide a supportive and fun environment to introduce powerboat owners to the enjoyment of cruising in Mexico.
[+] Download the pdf
GRUPO CONCORD and PREI® PARTNER TO DEVELOP COSTABAJA RESORT & MARINA IN MEXICO'S SEA OF CORTEZ