camador
Junior Nomad
Posts: 38
Registered: 6-8-2009
Location: La Paz, BCS
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Mood: Enjoing the life !!
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New touristic project "Loreto Paraiso"
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.
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bajabeachbabe
Nomad
Posts: 150
Registered: 9-11-2006
Location: Loreto,
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Mood: Loving life
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This project was thought to be dead when FADESA went bankrupt about a year ago. Obviously it was merely dormant.
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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
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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.
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Al G
Ultra Nomad
Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
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Mood: Wondering what is next???
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Some people never learn.....................
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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Al G
Ultra Nomad
Posts: 2647
Registered: 12-19-2004
Location: Todos Santos/Full time for now...
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Mood: Wondering what is next???
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| 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
Albert G
Remember, if you haven\'t got a smile on your face and laughter in your heart, then you are just a sour old fart!....
The most precious thing we have is life, yet it has absolutely no trade-in value.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
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Mood: Peacefull
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| Quote: | Originally posted by Al G
Some people never learn..................... |
God, when will it STOP .....
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arrowhead
Banned
Posts: 912
Registered: 5-5-2009
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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?
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cristobal
Nomad
Posts: 194
Registered: 12-16-2003
Location: california
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LORETO PARAISO
I like that part where it says:
translate this page ...
and then the little American flag ...
YES ... YES ...
     
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wilderone
Ultra Nomad
Posts: 3824
Registered: 2-9-2004
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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]
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
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Mood: undecided
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WOW! Hope I can buy into this ASAP. Wonder if they'll take Loreto Bay
property as a trade in?
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
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Mood: gone fishin'
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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. 
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backninedan
Senior Nomad
Posts: 865
Registered: 3-8-2003
Location: Loreto
Member Is Offline
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What??? No Donald Trump casino thrown in??
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JESSE
Ultra Nomad
Posts: 3370
Registered: 11-5-2002
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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?
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Paula
Super Nomad
Posts: 2219
Registered: 1-5-2006
Location: Loreto
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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???
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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..............................
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ncampion
Super Nomad
Posts: 1238
Registered: 4-15-2006
Location: Loreto
Member Is Offline
Mood: Retired and Loving it
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I agree, Loreto is a terrible place. Please, no one come here.
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jimgrms
Senior Nomad
Posts: 664
Registered: 9-30-2005
Location: oceanside ca
Member Is Offline
Mood: its always good
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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
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rpleger
Super Nomad
Posts: 1087
Registered: 3-12-2005
Location: H. Mulegé, BCS
Member Is Offline
Mood: Was good.
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Here we go again
Richard on the Hill
*ABROAD*, adj. At war with savages and idiots. To be a Frenchman abroad is to
be miserable; to be an American abroad is to make others miserable.
-- Ambrose Bierce, _The Enlarged Devil\'s Dictionary_
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JESSE
Ultra Nomad
Posts: 3370
Registered: 11-5-2002
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| 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
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Don Alley
Super Nomad
Posts: 1997
Registered: 12-4-2003
Location: Loreto
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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.
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