A model of the Punta Garrobo project. A model of the Punta Garrobo project.

Zihuatanejo project worth US $300mn

Condos, homes, hotels planned for Punta Garrobo

A Florida-based real estate company has announced an ambitious US $300-million development for the Punta Garrobo area of the resort town of Zihuatanejo in the state of Guerrero.

The announcement was made alongside Governor Héctor Astudillo by Jorge Pérez, CEO of The Related Group, in a ceremony that marked the launch of the tourism development.

Pérez said his company will build at least 600 condominiums, 100 homes and two boutique hotels on an 80-hectare parcel of land. The project will be environmentally sustainable in accordance with regulations, he said.

Astudillo said the project has the full support of the government because their investment will create productive jobs.

“We, as the government, are your allies. We’re with you,” said the governor, addressing Pérez.

Astudillo also announced an additional investment of close to 50 million pesos (US $2.7 million), for the second stage of the road connecting the Punt Garrobo area to the airport at Zihuatanejo.

The Tourism Secretary said having Pérez as an investor was a plus.

“It is a dream having him investing in Guerrero,” said Ernesto Rodríguez Escalona.

Punta Garrobo will be the second development for The Related Group in Mexico. The first, Icon Vallarta, located in Puerto Vallarta, Jalisco, was completed in December 2010 and consists of three high-rise towers and seven villas.

The US $120-million project also includes a beach club, gourmet restaurant, a theater, spa and gym, and a business center.

Source: El Universal (sp), CNN Expansión (sp)

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