Declaring that the construction of hotels and condominiums is stalled in Costa Rica is inaccurate.  In some places, like Jacó, developers are still moving forward. With the current international financial contraction it is assumed that it will be difficult to maintain the pace of previous year’s development.

There are developers like Pat Hundley, owner of DayStar Properties, who has three projects called Diamante del Sol, The Palms and Breakwater Point currently under construction.  Fuad Farach Abalah, president of the Rica Costa Group, with his son Fuad Farach Caldera acting as general manager, are beginning to construction of the condo-hotel Wyndham Jaco Beach Resort & Condominiums.   Pacific Sun Development, a Costa Rican company, is also continuing with the construction of Pacific Palms that will be flagged by the Spanish hotel chain Barceló that will open in 2010.

For Farach and Hundley, an important element has been the financing of the projects.  Hundley said he has no debt and can go ahead with his three new condominium projects. Day Star Properties built, sold and currently manages three other condominium projects in the Jaco Beach area: Bahia Azul (30 units), La Paloma Blanca (36 units) and Bahia Encantada (48 units).  According to Hundley, his company was lucky because two years before the financial crisis he had already pre-sold most of the condominiums constructed today.

Meanwhile, Farach explained that Rica Costa Group has fully funded the project with a foreign bank whose name was reserved. This is the same company that built the Meridian Oficentro in Escazú, Solaris condominiums in San Pedro, and Valle del Tamarindo, among others.  Mauricio Herrera, assistant engineer of the municipality, said that DayStar and Pacific Sun have all the respective permits. Rica Costa Group is renewing claims to the council.  Herrera explained that these are the only large property still under construction as they don’t have new permit applications for projects of condominiums or hotels.

Why Jacó?
Rica Costa Group made the decision to invest in Jaco after receiving the results of a study detailing that this area has characteristics that make it unique including the new highway to Caldera, proximity to hospitals and the international airport Juan Santamaría where numerous flights connect to various locations in the United States daily.  Also, Jacó has a large number of restaurants and supermarkets and will be only one hour from San Jose once the new highway is complete.  ”Jaco will be a smaller Cancun in a few years,” explained Abalah Farach.

Oceanfront
These are some of the condominiums and hotels under construction in Jaco Beach;

• Wyndham Jaco Beach Resort & Condominiums: Two buildings, 136 apartments, 40% sold. 
• Diamante Del Sol: One tower of 8 floors and another with 10 floors for a total of 50 units in its first phase. 
• The Palms: A ten-story building with 34 condominiums. 
• Breakwater Point: A 15-story building with 44 condominiums. 
• Pacific Palms: A condo-hotel that will have three towers and operate the hotel Barceló Premium. 

Source: Business developers.

Related posts:

1. Jaco Real Estate Is Motivated not Desperate
2. Jaco Property Investments Continues to Mature
3. Construction slows down in Costa Rica
4. CENPAC President Reflects on Jaco Development
5. New Tourist Investments Dot Costa Rica’s Pacific Coast