Real Estate and Business Investment Opportunity
DESCRIPTION: Acquisition through the successful bid in a foreclosure action, a multi-storied building for the purpose of renovation and restoration for sale in condominiums or as a hotel.
PROPERTY: GRAND BAJA RESORT and SPA, La Paz, Baja California Sur, Mexico
Land consists of three lots, for a total of 23,704. square meters or approximately 5.7 acres with 167 meters (500 feet) fronting a wide sandy beach on the Bay of La Paz
Construction consists of approximately 14,740 square meters (156,000 square feet) in twelve floors overlooking the bay and city of La Paz. Building was re-designed for 155 units of one, two and three bedroom luxury condominiums. Also planned and underway are spa, gym, tennis courts and swimming pool. Construction is situated on approximately 6,000 meters of land, leaving more than 1.5 hectares, (four plus acres) for expansion.
This is an historic building, opened in 1972 as a luxury hotel, closed in 1992 and reopened and renovation begun in 2007. Structure is considered to be solid with need only for refurbishing and finishing with luxury appointments..
LOCATION: In the City of La Paz, Baja California Sur, Mexico, fronting on the Bay of La Paz within easy walking distance to the famous boardwalk along the historic and beautiful Sea of Cortez .
BACKGROUND: This property was in the process of being converted to condominium units in 2007 and 2008. About 14 units of approximately 1,100 to 1500. square feet were sold when market slowed down and developers, depending upon sales for continuing cash flow, could not complete. Buyers sued for the rescission of contracts and penalties and obtained a sentence in their favor in the local courts.
For details: linda@lindaneil.com
