Bajamar Cliff “Penon”, Villas & Beach Resort Project Development

PROPERTIES 26 September 2024 4 minutes read

Bajamar Cliff “Penon”, Villas & Beach Resort project development

Stunning 60 HA (150 acres) of beachfront land including titled property to the water. The plot includes an impressive cliff that juts out into the ocean, beach front land, estuary/mangrove land with lakes, and slightly further inland property on a hillside ideal for developing with a view to the North over the beach.

The cliff on the property is impressive. Solid rock growing out of the mainland and protruding out into the ocean, creating stunning views of endless expanse, and allowing for the awesome spectacle of nature as the waves crash on the rocks of the cliff below in the high tide.

Unique to a handful of properties in the country, this property includes title to the waterline, which is rare and unique as even the inalienable zone is privately titled property, a legal structure which dates to the Spanish Crown and is duly documented at the National Registry.

The lagoons, mangroves, and estuary create a very special mix of wildlife. See the attached video to see the birds that make a home, stopover, or feeding point out of these bodies of water on the property.

This property is ideal for a mixed-use project development, which can include hotel(s), condos, homes, complementary services, and fantastic amenities, all of which can be developed to respect and highlight the fantastic nature this property has to offer.

Fact Sheet

Location: Costa Rica, Central Pacific, Puntarenas, Bajamar Beach

Area: 150 acres (60 hectares)

Properties:

Cliff and beach front site 29 acres (12 hectares)
Estuary site 117 acres (47 hectares)
Setena Permits granted! as per project density defined in next item, it only needs to be updated.

Total project Master Plan consists of: This master plan could be amended for any changes

160 keys hotel
160 villas
180 condominiums
40 houses
50 residential and commercial lots
2 club houses with swimming pools and tennis courts

Amenities at the beach, cliff, and lake

Access road maintenance
Potable water system
Other infrastructure
A low density and footprint project; less than 25 rooms per hectare and a footprint around 20%.

Spanish Crown Title – this title dates back from the time of the Spanish Crown which means that the property neighbors to the Pacific Ocean and not to the maritime zone “ZMT”; this registry dates back to 1919 and as such substantiate that the property 4.a have the Pacific Ocean as boundary, even into the Inalienable Zone; this study is official since it had been performed by the Costa Rica property and cadastral registries; very few coastal properties bear this title, which makes it very rare and valuable!

Amenities:

Advance of the planning process
60 Hectares
Close to San Jose and the new planned international airport
Spectacular views to the Pacific Ocean and Nicoya Gulf
Biodiversity – a site for large numbers of migratory birds
Sound of the ocean (healing)
Dry tropical forest
Lagoon and mangroves preserve
Titled Beach front beach
Fresh water pond
According the owner 70% buildable.

Joint Venture: Searching for a JV partner to execute the project in 3 stages; phase 1 is located on the beach and comprised of 120 units in 6 seven-story towers and a club house with a Gross Value of US$44 million and Net Earnings of US$10 million; a construction loan of US$15 million is required. JV Capital and terms to be discussed. Phases 2 and 3 to be fine tune as per the market preferences

Alternatively, a straight up sale can also be considered: For the 2 properties total of 60 HA $8,500,000