Joint venture partnership Thor Urbana Capital, headed by respected developer Joseph Sitt, is reportedly investing at least $500 million in Mexico and plans to develop as much as 18 million square feet in various parts of the country, according to a recent Bloomberg report.
“Each and every day,Mexico looks more and more like the new Brazil and the opportunities going forward look plentiful,” Sitt shared. “Mexico has all of the favorable conditions to lead to a significant real estate boom largely unseen in developing markets to date.”
This announcement is good news for mortgages and real estate growth Mexico. Sitt also told Bloomberg that Thor Urbana plans to begin by developing a full city block of high-end retail shops along Quinta Avenida, or Fifth Avenue, which is already a bustling shopping destination in Playa del Carmen real estate, which lies just south of Cancun.
“The time couldn’t be better to launch Thor Urbana in both Playa del Carmen and all around Mexico,” shared Jaime Fasja, Co-CEO of Thor Urbana. “Across the country, and particularly in destination areas, there is a growing hunger for moderate-and high-end retail, restaurants and other development.”
The project has been launched as a joint venture between the principals of New York-based Thor Equities and leading Mexican developer GFA Grupo Inmobilario. The initial $500 million reportedly came from a large Canadian institutional investor.
According to the World Bank, Mexico will be the world’s fifth largest economy by 2050; a prediction that is already attracting the attention of institutional investors. According to Real Estate Weekly, 2011 saw real estate activity in Mexico increasing by an impressive 14 percent – a pattern that shows no signs of slowing down in 2012.
“Mexico has positioned itself to be the next great real estate destination for investors throughout the world,” stated Jimmy Arakanji, co-CEO of Thor Urbana.