The development includes 16+ acres of titled land above Playa Blanca (best beach in Costa Rica), 3 waterfalls, valid current permits for 5 towers, plans for 10 towers. To keep the existing permits valid, work on the site needs to start soon.
Permits are all in place and roads, utilities, and the foundation of first building are done. The foundations were completed on the first tower, and then the project was put on hold for nearly three years when financing evaporated.
Each building has five floors with an underground parking garage. Several floor 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).
With this pricing in place each tower would gross about $5 million. The construction costs per tower is $2,500,000. Estimated profit is $2.5 million per tower, profit for 10 towers is $25 million.
This is the time to get in on the ground floor of a project, geared to the local market, that is projected to have a roughly. $3 million is needed in order to finish construction of first tower and pool area. After the common/pool area is finished selling the units in the buildings will go quickly because people will be able to see what they’re getting. The financing could come in the form of a loan or partnership agreement.