bajabeachbabe - 9-18-2008 at 12:42 PM
With the discussion about Ensenada Blanca and the Villa Group, I got to wondering what was happening with the large development by Fadesa at San
Bruno. After having searched the internet for updated information I now feel that I must be living under a rock. Fadesa (now Martinsa-Fadesa) filed
for bankruptcy in July as the largest bankruptcy in Spain's history.
In April we drove out to San Bruno to see what was happening, and other than the area being fenced off, it didn't look like much construction activity
was going on. In light of the bankruptcy I doubt that this project will ever get finished. Does anyone know if further construction has happened out
there? Luckily, the project was not very far along. Thousands of buyers of their developments in Spain may be left holding the bag with lost
deposits and unbuilt homes.
Looks like the curse on Loreto development continues.
wilderone - 9-18-2008 at 01:55 PM
That's the best news I've heard all day. Whoopee! Only last February, FADESA was hyping some mega-development called Loreto Paraiso.
bajabeachbabe - 9-18-2008 at 03:46 PM
Loreto Paraiso was to be at San Bruno. I too was worried about the size of the project. If it doesn't happen I am just glad that it died before a
bunch of people lost their life savings. Fadesa also had projects underway near Puerto Vallarta. I don't think they had broken ground either.