BajaNomad - New touristic project "Loreto Paraiso"

New touristic project "Loreto Paraiso"

camador - 6-30-2009 at 12:24 PM

Next friday july 3rd will begin the information and communication of the Loreto Paraiso Touristic Development throught a meeting with the developers group Inmobiliaria Fadesamex, more info as usual at radarpolitico.com

http://www.radarpolitico.com/2009/06/30/presentaran-proyecto...

By the way, any feedback or suggestion is welcom, help us to improve the site by letting us know what would you like to know.

bajabeachbabe - 6-30-2009 at 12:33 PM

This project was thought to be dead when FADESA went bankrupt about a year ago. Obviously it was merely dormant.

wilderone - 6-30-2009 at 12:53 PM

I don't know how they'll pull this off with no money:

[Martinsa-Fadesa S.A., formerly Fadesa Inmobiliaria S.A.]

Planned back in March 2007:
Fadesa Inmobiliaria SA, a Spanish real estate company, will build a 4 billion euro ($5.4 billion) resort in Mexico, adding to three other projects the developer has in that Latin American country.

The complex will be located in Loreto, in the Mexican state of Baja California Sur, and will include more than 6,500 homes, a marina, hotels and golf courses, La Coruna, Spain-based Fadesa said today in an emailed statement.

The project, called Loreto Paraiso, will target mostly U.S. and Canadian customers that are seeking a second home, the Spanish company said.

Then:
3/25/08: MADRID/LONDON, March 25 (Reuters) - Martinsa Fadesa (MFAD.MC), one of several Spanish property firms seeking to refinance debt, is expected to reach an accord with its creditors on Wednesday, sources familiar with the situation said.
The company, exposed to the crisis in Spain's real estate sector, said on March 17 that it had won a waiver to meet a 362 million euro ($563.9 million) payment. That expires Wednesday.
"The deal is expected to close tomorrow. A second option isn't seen at the moment," said one of the sources.

and see accounting irregularities: http://www.spanishpropertyinsight.com/buff/2008/12/accountin...

AND FINALLY:
1/19/09: SPAIN - Banco Santander SA acquired real estate assets, comprised of 85 apartments and lots, from Martinsa- Fadesa SA (MF), a Madrid- based real estate development firm, for EUR 186.5 mil (USD 243.727 mil). Concurrently, Anida Desarrollos Inmobiliarios SL, a unit of Banco Bilbao Vizcaya Argentaria SA {BBVA}, acquired real estate assets, comprised of 502 apartments and lots, from MF.

Al G - 6-30-2009 at 12:56 PM

:lol:

Some people never learn.....................

Al G - 6-30-2009 at 12:58 PM

Quote:

Originally posted by wilderone
I don't know how they'll pull this off with no money:

[Martinsa-Fadesa S.A., formerly Fadesa Inmobiliaria S.A.]

Planned back in March 2007:
Fadesa Inmobiliaria SA, a Spanish real estate company, will build a 4 billion euro ($5.4 billion) resort in Mexico, adding to three other projects the developer has in that Latin American country.

The complex will be located in Loreto, in the Mexican state of Baja California Sur, and will include more than 6,500 homes, a marina, hotels and golf courses, La Coruna, Spain-based Fadesa said today in an emailed statement.

The project, called Loreto Paraiso, will target mostly U.S. and Canadian customers that are seeking a second home, the Spanish company said.

Then:
3/25/08: MADRID/LONDON, March 25 (Reuters) - Martinsa Fadesa (MFAD.MC), one of several Spanish property firms seeking to refinance debt, is expected to reach an accord with its creditors on Wednesday, sources familiar with the situation said.
The company, exposed to the crisis in Spain's real estate sector, said on March 17 that it had won a waiver to meet a 362 million euro ($563.9 million) payment. That expires Wednesday.
"The deal is expected to close tomorrow. A second option isn't seen at the moment," said one of the sources.

and see accounting irregularities: http://www.spanishpropertyinsight.com/buff/2008/12/accountin...

AND FINALLY:
1/19/09: SPAIN - Banco Santander SA acquired real estate assets, comprised of 85 apartments and lots, from Martinsa- Fadesa SA (MF), a Madrid- based real estate development firm, for EUR 186.5 mil (USD 243.727 mil). Concurrently, Anida Desarrollos Inmobiliarios SL, a unit of Banco Bilbao Vizcaya Argentaria SA {BBVA}, acquired real estate assets, comprised of 502 apartments and lots, from MF.

My post was not meant for you

CaboRon - 6-30-2009 at 01:04 PM

Quote:

Originally posted by Al G
:lol:

Some people never learn.....................

God, when will it STOP .....

arrowhead - 6-30-2009 at 01:17 PM

The article says the project will have 12 hotels, with 7,000 rooms, four golf courses and 6,500 residential units. There will also be a 60+ acre marina with 1,000 slips.

What are they smoking?

LORETO PARAISO

cristobal - 6-30-2009 at 01:33 PM

I like that part where it says:

translate this page ...

and then the little American flag ... :yes:

YES ... YES ... :lol:

wilderone - 6-30-2009 at 01:44 PM

This was the result of another planned Fadesa project, backed by FONATUR. Big plans, lots of damage, illegal land deals. I hope Loreto govt. does its homework and doesn't let this happen in San Bruno: (Translated - not too good)

"epic, Nay, 9 March 2009 .- The Center for Planned Litibú (IPC) failed, since its inception four years there is only social and environmental damage in the municipality of Bahía de Banderas, denounced environmental organizations Greenpeace and the Alliance of the __ (LCA).
Abnormalities such as disposal of land at a price below the minimum measures contrary to the municipal development plan, among other things, limited funding, and had hindered the work break to investors, said the two clusters.
The center, inaugurated in 2005 by then President Vicente Fox, demonstrated the lack of planning and environmental care of the National Fund for Tourism Development (Fonatur), its main promoter.
Magdalena Barrios, LCA, and Alejandro Olivera, coordinator of the Campaign on Oceans and Coasts of Greenpeace Mexico, said it all started badly in this project from the sale of land, as Fonatur gave two Spanish companies six lots totaling 267 thousand square meters at a price less than the minimum stipulated in the marketing policy of the trust.
In a joint statement, recalled that a plot was allocated to the Financial Services Yucatan SA de CV, and five to Fadesamex Realty, SA de CV, which paid a total of 450.2 million pesos, 7 percent less than the legal minimum.
With this operation, the Fonatur failed to earn more than 35 million pesos, according to the 2006 audit report of the Superior Audit of the Federation. They recalled that Vicente Fox and then-director of Fonatur, John McCarthy, promised that the CIP would be a detonator for Litibú, offering 100 rooms with 4 mil high-income tourists.
It promised to create 15 thousand jobs and an inflow of 720 thousand visitors in 2025, and generating 766 billion dollars in foreign private investment and 100 thousand million dollars, all with very low environmental impact.
The organizations noted that the first action was illegal to build a four-lane highway, which meant disassembling large tracts of forest and destroying wildlife corridors, without permission from authorities. In this way, Fonatur rose above its own plan for the partial CIP Nayarit-Litibú submitted in June 2007. The draft stated that the area could not handle the expected growth and that the main ecological problem was the pressure generated by urban growth and new tourism developments.
Both organizations had warned that the mega project would require new facilities and urban infrastructure, yet the budget was very limited and had no detailed legal programs. Thus, the works undertaken were financially viable and environmentally unsustainable. Despite this analysis, planned for densities up to 60 quarts per hectare and six levels of construction, omitting the municipal urban development plan, which allows only four floors and 25 rooms per hectare.
The major investors, who Fonatur underselling the land, went into bankruptcy. Spanish Fadesa Inmobiliaria wanted to build two hotels, condominiums and villas with an investment of $ 350 million, and Iberostar, also of Spanish origin, dismissed at the end of 2008 the majority of their workers, Barrios recalled.
Higuera Blanca in Punta Mita and the rooms are empty and the restaurants do not have customers, but the collateral damage of progress are already present: assaults, robberies, homicides, drugs and prostitution, they said.
The activists warned that the IPC announced Escuinapa, Sinaloa, is similar to the failed project Nayarit, it noted the urgent need of a new law that regulates the tourism Fonatur.
(La Jornada)"

[FADESAMEX REALTY, A SUBSIDIARY OF MARTINS-FADESA]

Cypress - 6-30-2009 at 01:54 PM

WOW! Hope I can buy into this ASAP. :spingrin:

Wonder if they'll take Loreto Bay property as a trade in? :?:

flyfishinPam - 6-30-2009 at 04:20 PM

From this story I can't figure out if this is a public hearing or presentation in a similar jest or if this is one of those "lets see who the butt kissers of this community are" kind of event. I'll have to read my invite. :rolleyes:

backninedan - 6-30-2009 at 04:23 PM

What??? No Donald Trump casino thrown in??

JESSE - 6-30-2009 at 06:04 PM

Honestly and with all due respect to Loretanos, what do investors see in Loreto? i mean, its a nice place, beautiful sierra in the back, great people. But it has no beaches, its too humid, and no decent hospitals and stores. Theres at least 4 or 5 places in Baja sur that are far better for a retiree, what are they thinking?

Paula - 6-30-2009 at 06:33 PM

You are exactly right Jesse!

To hot and humid in summer, too cold and windy in winter, rocky beaches, not good for swimming or tanning.

This is why we liked it so well~~ we thought it would always be a charming ly ordinary little town, and glitzy development would never succeed here. And so far none has. So why do they keep trying??? :rolleyes:

CaboRon - 6-30-2009 at 07:41 PM

..............................

ncampion - 6-30-2009 at 08:21 PM

I agree, Loreto is a terrible place. Please, no one come here.

jimgrms - 6-30-2009 at 08:32 PM

what are they gonna do for water ?? they will have to distill salt water and that will cost as much as the rest of the project

rpleger - 6-30-2009 at 08:36 PM

Here we go again :bounce:

JESSE - 6-30-2009 at 11:44 PM

Quote:

Originally posted by ncampion
I agree, Loreto is a terrible place. Please, no one come here.

In La Paz we beat up people for no particular reason :lol:

Don Alley - 7-1-2009 at 07:21 AM

I suspect that the people who get paid to plan these developments also do the "due diligence" for the investors, and also are in line to receive additional income with each step that the clueless investors authorize. There is never a high paid, professional position that says "No, don't do it." Just people who draw up fancy plans and rosy projections, then get in line for additional expenditures.

Things would be different if you put an investor on that San Bruno beach in February, wearing a Speedo.