Country Article / Postcards

Gran Pacifica, Nicaragua: The Newest Beach Town in the Americas

Date: 02/17/2006

Saturday, Feb. 18, 2006
Paris, France

Mike Cobb has a dream: To build a town, right on the beach on the mid-Pacific coast of Nicaragua, about one hour from Managua.

To do this, Mike is using Gran Pacifica, his huge property of 2,200 acres with a three-and-a-half-mile stretch of beautiful sand beach. He’s taking care of everything needed to build a first-class community: paved streets, sidewalks, stores, and the biggest investment in infrastructure I’ve seen from a developer, right down to the fire hydrants and the fiber-optic cables running to the planned homes.

While there are never guarantees, and my mantra is "Pay For What You See Today," Mike has come a long way in the last couple of years toward making his Nicaraguan real estate dream a reality--the first home owners are expected to take up residence at Gran Pacifica in Dec. 2006.

Mike is pushing his team hard to keep apace with his ambitious plan, and they reached an important milestone recently: Ground was officially broken on the Gran Pacifica golf course.

Our roving Latin America property scout, Dan Prescher, was there on your behalf. His report on this exciting piece of Nicaragua real estate follows.

Lief Simon
Real Estate Editor, International Living

A Nicaraguan Real Estate Dream: The Newest Beach Town in the Americas

Saturday, Feb. 18, 2006
Gran Pacifica, Nicaragua

Dear International Living Reader,

The local press were there in force. The dignitaries took their seats at a table beneath one of the white tents set up on the construction site to provide shade from the Nicaraguan afternoon sun.

This wasn't just a big day for Gran Pacifica, one of the most ambitious hotel/residential/golf developments in Nicaragua. It was also a big day for the country itself, and for Villa del Carmen, the municipality nearest Gran Pacifica. That's why Ian Coronel, Nicaragua's national director of tourism, was seated at the table, along with Nestor Gutierrez, the mayor of Villa del Carmen, and the former Finance Minister Eduardo Montiel.

Mike Cobb, the CEO of Gran Pacifica, was there, too.

"This is a celebration of a transition for Gran Pacifica," Mike told me earlier. "It's a transition from a development project to a community. For five years, we and the investors in Gran Pacifica have been working on the details, making sure we get things right on paper. Now we're making all that planning real, and people are going to start living here. We're going to become a community."

Gran Pacifica's impact on the local community has already been felt. As both Mayor Gutierrez and Director Coronel made clear in their addresses to the press and about 100 Gran Pacifica shareholders, the project was providing nearly 300 jobs for local workmen and women, including the long-term technical jobs required by a modern golf facility.

Gran Pacifica has already provided a huge shot in the arm to the local economy--and the construction has just begun.

At the end of the press conference, the dignitaries climbed on a large earth mover, fired it up, and to the cheers of everyone present, officially broke ground on the Gran Pacifica golf course.

The rest of Gran Pacifica is moving fast as well. Along with the golf course, construction is also starting on 25 to 30 home sites in the development. Construction on the clubhouse will begin mid-March.

But perhaps most exciting of all is the news that Mike Cobb shared about Las Perlas Condos. Mike said that construction will officially begin in 30-45 days on the first block of condominiums at Gran Pacifica. Of the 22 units in the first Las Perlas Condominium building, over a third have already been sold, and to celebrate the transition to community Mike talked about, the rest of the condos in the first block will be offered at pre-construction prices for the next 30 days.

Las Perlas will feature one- and two-bedroom condominiums with a third bedroom lock-out option available with selected units. One-bedroom units range in size from 506 square feet to 958 square feet. Two-bedroom units range from 1,237 square feet to 1,743 square feet. Plus, at this stage, you can combine units to get, for example, a spacious 2,249-square-foot, three-bedroom, three-bath penthouse with a wrap-around balcony.

All condominiums will be part of a rental pool, and a homeowners association will oversee the maintenance of the common areas. Las Perlas will be the only coastal resort development in Nicaragua with elevators for easy access to the second and third floors, and selected units will comply with ADA (Americans with Disabilities Act) standards for accessible design. You can also choose from one of three professionally designed interior packages.

The plans for these condos--and the views of the Pacific Ocean they will command--are extraordinary. Pre-construction prices range from $204 to $230 per square foot, depending on size and floor--a discount of almost 20% from list price. After 30 days, these prices will be gone.

"I'm thrilled that we've finally made this transition," Mike said. "I'm looking forward to having 100 homes built and occupied here in the next three years. I want our condos full, and I want to see people out here enjoying themselves year-round in this beautiful weather next to the Pacific Ocean on Tommy's [Tommy Haugen’s] world-class golf course. That's what we've been planning all this time, and now the dirt is moving. I'm hyped."

It wasn't hard to catch Mike's excitement. In fact, it was shared by everyone present. Seeing a dream become a realty is an awesome thing, and Gran Pacifica has made the transition.

For more information on the Las Perlas condos, or other Nicaragua real estate opportunities at Gran Pacifica, contact our Nicaragua office at: http://www.il-ireland.com/il/questionnaire/gran-pacifica2/

Dan Prescher
Roving Latin America Property Scout, International Living

Important note: In the interest of full disclosure, we want you to know that International Living receives commissions from sales at Gran Pacifica.