Stating that property development in Costa Rica has slowed or stalled is an understatement. Popular beachtowns such as Jacó, development and construction is still moving forward. While the global financial contraction continues many people have speculated that maintaining Playa Jaco’s previous growth rate would be difficult but reality is proving this wrong. Property developers like Pat Hundley, President of Day Star Properties S.A., has three projects under construction and selling units called Diamante del Sol, The Palms and Breakwater Point. Jaco property development has also attracted the world class hotel management company Wyndham Group which has contracted a condo-hotel being built by Fuad Farach Abalah, president of the Rica Costa Group based in Miami, Florida. Rica Costa presidents son Fuad Farach Caldera is acting general manager here in Costa Rica and he is beginning the construction here in Playa Jaco. Coldwell Banker Jaco is the exclusive broker for the Wyndhamdevelopment and has been overwhelmed with investor interest in this project. Pacific Sun Development, based in Costa Rica is in construction of the Pacific Palms that will feature a luxury hotel by the Madrid based hotel chain Barceló and is scheduled to opne in 2010.
For both Farach and Hundley, the most important difficult element has been the financing of the developments. Pat Hundley said DayStar Properties has no debt and is able to proceed with the development of their three new condominium projects. In the past, Pat Hundley has built, sold, and now currently manages three projects here in Playa Jaco: Bahia Azul, La Paloma Blanca, and Bahia Encantada all of which are totally operational. According to Mr. Hundley, DayStar was lucky because they had sold all of the units almost 2 years before the current financial crisis.
Meanwhile, Farach explained that Rica Costa Group development Wyndham here in Jaco is fully funded by a foreign bank and have no liquidity issues. Rica Costa Group is the same company that built the Meridian Oficentro in Escazú, Solaris Condominiums in San Pedro, and Valle del Tamarindo, among others here in Costa Rica. Mauricio Herrera, assistant engineer of the Garabito municipality, said “that these(projects) are the only large property still under construction as they don’t have new permit applications for projects of condominiums or hotels.”
Why Build in Playa Jacó?
Rica Costa Group made the decision to build the Wyndham project in Jaco after receiving the results of a detailed study that the central pacific area has all of the characteristics that make it unique. These include the new highway to Caldera which will speed access to the beach from San Jose and the close proximity to major hospitals and Juan Santamaría airport where many flights bring new tourists from the United States daily. In addition, Jacó has a large number of restaurants and supermarkets and has the infrastructure to support tourist activities that other towns do not have. ”Jaco will be a smaller Cancun in a few years,” explained Abalah Farach.
Beachfront Developments in Jaco, Costa Rica
Current condominiums and hotels under construction or in planning in Jaco, Costa Rica:
- Wyndham Jaco Beach: 2 buildings, 136 apartments, Over 40% under contract.
- Diamante Del Sol: 1 building with 8 floors and another with 10 floors for a total of 50 units in the 1st phase.
- The Palms: A 10 Story building with 34 units.
- Breakwater Point: A fifteen story tower with 44 condos.
- Pacific Palms: A condo-hotel that will consist of 3 buildings and will have the famed hotel Barceló.
Source: Business developers.
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Good evening,
I am a Costarrican Citizen and I would like to know how is the Job
opportunities in Jaco Beach at one of those projects I have a lot experience in Tourism, part of that is that I worked for 16 years for
Carnival Cruise Lines so the Guest Services and Hospitality is what I
did most.
Any information will be highly appreciated, I can send my resume as well.
Thank you,
Nuria Villalobos