Luxury Condominium Project on "The Best Beach in Costa Rica"
Fully permitted project in exclusive altos area of Punta Leona just above Playa Blanca one of the most popular beaches of Costa Rica. Foundations of first Tower are ins amd project on hold from Global Crisis. Makes great opportunity for developer to step into a gold mine.
Development includes 16+ acres of titled land above Playa Blanca (best beach in Costa Rica), three waterfalls, valid current permits for five towers, plans for 10 towers. To keep the existing permits valid, work on the site needs to start soon.
Located in the Punta Leona resort, which offers 24 hour security, several restaurants, private white sand beaches, canopy tours, miles of jungle hikes, butterfly farm, supermarket, boat dock area, restaurants, mini-golf, and a private chapel.
Punta Leona is an extremely desirable area for Costa Ricans (Ticos) and Tranquilo is located just above their favorite beach - Playa Blanca. The Costa Rican economy is doing well with a thriving middle class, and this project is now going to focus price, design and marketing on this local market.
Permits are all in place and roads, utilities, and the foundation of the first tower is done. After the foundation for the first tower was complete the project was put on hold for nearly three years because the real estate market and financing evaporated.
Initially two buildings were sold out, with deposits in place. When construction was put on hold three years ago 100% of the deposits were refunded. Many of those initial buyers expressed an interest in buying again when the project was restarted. With an estimated average target sales price of $250,000 USD it is poised to sell quickly.
Each building has five floors with an underground parking garage. Several plans are available for each floor, including a 4400 sq ft penthouse, 2200 sq ft 3 bedroom unit, and the 1100 sq ft 2 bedroom unit we think will be the most popular in the local market. If those units sold for $250,000 they would be very popular with the Ticos and half the price of the competition (Golden Reef).