Spanish Banks Back $2.5B New Leisure Destination in Mexico Caribbean
(RIVIERA MAYA, MEXICO) — While Mexican drug wars currently make the headlines, a new vacation oasis is being born quietly in the Mexico Caribbean market.
With the backing of Spain-based Bancaja and Banco de Valencia, Mexico developer Grupo Grand Coral has started Grand Coral Riviera Maya, a planned $2.5 billion oceanfront-retail-entertainment development in Riviera Maya, 30 minutes from the Cancun Airport and five minutes from the coastal entertainment community of Playa del Carmen.
Grupo Grand Coral CEO Jordi Mercade says the project will take 10 years to complete and will showcase 6,900 residences. A total $700 million has been invested in the project to date.
The first phase, already under way, is Mareazul, which will offer 300 beachfront condos. Nick Price is designing the 18-hole golf course. Adjacent to the clubhouse, with full views of the course, will be the Nick Price Residences comprised of 123 homes.
“The project will have an urban resort feel, something unique to the area,” says Price.
Although the project encompasses 561 oceanfront acres, 75 percent of the land will be preserved, says Mercade. “It is very important for use to work in harmony with the land and we will encourage this lifestyle with all developers and future residents of Grand Coral.”
He says Grand Coral Riviera Maya “will truly be the first of its kind in the region.” As such, Mercade says the master development “presents a great opportunity for developers and investors to be in an impressive gated community with multiple real estate options.”
A mix of land lots is available for development. “There is really an opportunity for developers and investors at every level and we will work with each individually to meet their needs,” Mercade says.
He calls Riviera Maya “truly paradise…having the world’s second largest barrier reef which lies in the ocean waters bordering Grand Coral.”