Yucatán state has attracted nearly 7 billion pesos (US $348 million) in real estate projects in the state capital of Mérida, as the current administration seeks to increase support for the housing sector.

Governor Joaquín Díaz Mena inaugurated the Residencial Punto Maya project in Ucú, located northwest of the city. The project cost a total of 5.5 billion pesos (US $274 million).

In a separate event, Díaz laid the cornerstone of the second building of the Distrito Arte Mérida (Mérida Art District) complex, with an investment of over 1.3 billion pesos (US $64 million).

Residencial Punto Maya

Díaz, alongside Miguel Cagnasso Cantú, the director of the real estate development company Misión Obispado, cut the inaugural ribbon for Residencial Punto Maya, a project expected to generate more than 250 direct jobs.

“This project represents hundreds of opportunities for our people,” Díaz said during his speech, highlighting the strategic location of the development. “It’s just six minutes from the current beltway, but it will also be very close to the Metropolitan Beltway that we will soon build and the Maya Train.”

Díaz added that such investments demonstrate that Yucatán is a state with legal certainty and appeal for investors.

Mérida Art District

In an event that took place later that day, Díaz laid the cornerstone of the second building of the Mérida Art District. In a speech, he reaffirmed his administration’s commitment to promoting policies that encourage productive investment, create quality jobs, and strengthen the community’s economic and social fabric.

The real estate project will create over 350 direct and indirect jobs and “will strengthen the entity’s tourism and service infrastructure,” Díaz said. The development features over 10,000 square meters of commercial space, a 120-room hotel that will be operated by the Voco brand, and a one-hectare public park, financed and maintained through private investment.

This project is part of the first phase of the Mérida Art District initiative, which has already seen a  US $15 million investment in the construction of a corporate center set to  open in May.

With reports from El Economista and 24 Horas Yucatán