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Mexico Looms as the Next Big Thing for an American Developer
Calling Mexico “the new California,” developer Jim Grogan says that in his experience it’s now easier to build there than in the areas of the Southwest in which his company has built for years.
In five areas that have been designated for expanded development as tourism centers by the Mexican agency FONATUR — Cancun, Los Cabos, Ixtapa, Loreto and Hualtuco — the government has committed to providing infrastructure for resorts and housing. In addition, Mexico has changed its rules to give non-citizens who want to buy homes in the country property rights similar to those they enjoy in the U.S. or Canada.
Grogan heads the Loreto Bay Company, and is part of a team that will spend the next 10-15 years developing sustainable housing in villages on 8,000 acres along three miles of beachfront on Mexico’s Baja peninsula, 700 miles south of San Diego. The villages will combine human-scale retail, with live/work apartments over stores, multifamily courtyard “casitas” with from 18 to 50 units each, and single-family homes with hotels and recreational facilities.
“The Mexican government has already spent more than $200 million on infrastructure just at Loreto Bay,” says Grogan, whose company is planning to handle the production and custom home building aspects of the development. His firm is looking to partner with other companies with multifamily, retail and mixed-use expertise for the remaining components.
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