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The Siren Song of Central America

Developers are taking notice of Central America's increasing attractiveness to the ultra wealthy

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A home in Antal, one of six residential neighborhoods in Guacalito de la Isla, in Nicaragua, offers panoramic views. Residences in Antal have four or five bedrooms and baths, an infinity pool, garden areas and gourmet kitchens.

Courtesy of Guacalito de la Isla
A home in Antal, one of six residential neighborhoods in Guacalito de la Isla, in Nicaragua, offers panoramic views. Residences in Antal have four or five bedrooms and baths, an infinity pool, garden areas and gourmet kitchens.
Courtesy of Guacalito de la Isla

As the ultra wealthy search for more and more remote islands in a quest for privacy, small nations in Central America are looking increasingly attractive. Islands and archipelagos around Belize, Costa Rica, Honduras, Nicaragua and Panama were recently identified as “emerging island destinations” by Knight Frank. Kate Everett-Allen, partner of residential research at the real estate consultancy firm, said that in addition to an increasing demand for privacy, the number of ultra-high-net-worth individuals in Latin America is expected to grow 50% from 2014 to 2024. The forecast for the region surpasses the 34% global growth estimate, identified by Knight Frank. “Many will want ease of access, preferring islands closer to Latin America,” said Everett-Allen. Developers are taking notice of the potential and several projects are underway to cater to the wealthy with luxury facilities and new airports.

Lots in Guacalito de la Isla, in Nicaragua, range from $395,000 to $3.5 million and homes go from $495,000 to $1.6 million.

Courtesy of Guacalito de la Isla

Beginning in November 2015, a new airport on Nicaragua’s Pacific Coast will serve international private jets, and commercial flights from Managua and Costa Rica. The single-terminal Costa Esmeralda Airport, with a 5,000-foot runway complete with a customs department and a duty-free shop is a $13-million investment by local entrepreneur Carlos Pellas. The project is in conjunction with the Nicaraguan government. The investment comes on the heels of a much broader bet by Pellas, who has also allocated $250 million to a 1,670-acre private beach community called Guacalito de la Isla, in Nicaragua’s southwestern Pacific Emerald Coast, in the department of Rivas. The colonial city of Granada, a popular tourist destination, is just 90 minutes away. More: Unique Amenities Abound in Miami's Condo Market Pellas is CEO and President of Pellas Development Group and Grupo Pellas, comprising 16 companies in sectors from agro-energy and software to banking, telecommunications and the Nicaraguan rum Flor de Caña. “I wanted to create a legacy that gave back to the country. I thought one of the best ways to make an impact was to make Nicaragua a true tourist destination,” Pellas told Mansion Global about his investment. “There is a misperception of Nicaragua that we need to dispel.” Guacalito de la Isla is a two-hour drive from Managua International Airport or the Liberia Airport in Costa Rica, but when the Costa Esmeralda Airport is completed, travelers will have only a 30 minute journey. to just a 30 minute-flight.

Guacalito is home to Mukul Beach, Golf & Resort, which opened in 2013. The resort’s 18-hole golf course is designed by Scottish architect David McLay Kidd. The facility on Emerald Coast includes three beaches, nature trails, six residential neighborhoods, a private beach club and restaurant. Six hundred lots, villas and condos with ocean views are available from $395,000 to $3.5 million and homes range from $495,000 to $1.6 million. Several units have already been sold, while others are still under construction. Ophir Sternberg, the founding partner and CEO of Miami-based real estate investment firm Lionheart Capital LLC, partnered in May with Bangkok and New York-based luxury resort, spa and residences management company Six Senses Hotels Resorts Spas to develop Six Senses resorts, spas and residences in Nicaragua. The properties will be owned by Lionheart and operated by Six Senses. More: The Secret of Priceless Luxury Homes Through Lionheart Capital’s subsidiary company in Nicaragua, called Lionheart Nica LLC, the corporation’s plan for the country is to develop a “travel circuit” with multiple luxury facilities, including a luxury tented camp in Ometepe island and a dive resort in Corn Islands. “Nicaragua recently has emerged as a thriving tourism destination, with tourists arrivals up more than 8.2% annually for the past five years,” said Sternberg about the Six Senses partnership. Their first collaboration in Nicaragua will be the conversion of the Aqua Wellness Resort, which Lionheart acquired in 2014 for around $10 million, into Six Senses Nicaragua in the Emerald Coast. Aqua is 10 minutes from the Costa Esmeralda Airport. The boutique beach resort features 50 tree-house villas along with dining, spa and yoga facilities. After an expected investment of up to $40 million over the next several years, Aqua will add 40 tree-house villas, swimming pools, a new spa and restaurant. Seventy-five Six Senses residences with one, two and three bedrooms and ocean or tropical forest views, will also be up for sale at an average price of $2 million. Eight units have already been sold, according to Trevor Barran, CEO of Lionheart Nica. In nearby Belize, construction is underway on Itz’ana Resort & Residences, sitting on 16 miles of Caribbean peninsula in the coastal city of Placencia.

Itz'ana residences vary in size from 1,000-5,000 square feet, with opening prices ranging from $240,000 to over $1 million.

JUSTIN BOURN, BLANK CANVAS

“Eight years ago, we knew that Belize would become a world-class destination because of its natural beauty, culture and proximity to major markets,” said developer Colin Hannan. Itz’ana, named after the Mayan god of day and night, features 39 luxury boutique cottages and villas. The beach or lagoon-front residences vary in size from 1,000 to 5,000 square feet with prices ranging from $295,000 to over $1 million. The project is scheduled to be completed by the end of 2016.

Residents of Itz'ana will enjoy a private bar, a full service marina, a rooftop yoga deck, a water sports adventure center, a gym and a spa with salt-water pool.

NEOSCAPE

Also in Belize, The Placencia Group is developing a mega project that includes a 6,500-acre gated community fronting over 3,000 feet of Caribbean coastline and five miles of lagoon shores. The project, which has already demanded an investment of $170 million, will require an additional $150 million to $170 million when it is completed in the next three to four years, according to current projections. It includes an airport, a private island, hotels, an 18-hole golf course, marina, casino, holistic spa, among other facilities.

Upon completion, The Placencia will offer between 2,000 and 3,000 residences, from studios to penthouses (pictured) with prices ranging between $160,000 and $12 million.

Courtesy of The Placencia Group

Phase I of the roughly $50-million airport, with a 9,200-foot runway is projected to be completed in the early second quarter of 2016, allowing private jets and regional flights. Commercial flights could begin at the end of next year, said Wayne Robbins, managing member of The Placencia Group. “The airport will put Placencia on the map,” said Robbins. Upon completion, The Placencia will include between 2,000 and 3,000 residences, ranging from studios to penthouses and homes, with prices from $160,000 to $12 million. “Belize is the next Costa Rica, but on steroids,” said New York-native Robbins, discussing the tiny nation’s potential. He noted that Belize is an English-speaking country with British Commonwealth-law, adding security to foreign ownership of real estate. Follow Mansion Global on Facebook, Twitter and Instagram