Posted by Kevin Brass
International Herald Tribune
Guanacaste, the jungle-covered coastline of northwest Costa Rica, is attracting some heavy hitters. AOL founder Steve Case is developing a resort in the province, and there are projects in the works anchored by Ritz Carlton and JW Marriott hotels.
Last year Mel Gibson reportedly paid $25.8 million (€17.6 million) for a 163-hectare (402 acre) ranch on the coast, adding a little extra celebrity luster.
The latest residential project to come online in Guanacaste is the Hyatt Regency Azulera Resort & Spa, an eco-resort with Michael Graves-designed condo units and a Greg Norman golf course. The first phase of 64 units went on sale last month, priced between $780,000 and $3.9 million (€537,400 to €2.7 million).
Another 800 to 1000 residential units are planned for the property, according to Anil Kothari, founder of Global Financial Group, the New Jersey-based developer. Condos ranging from 960- to 5,000-square-feet (89 to 465 square meters), will include private terraces with plunge pools and ocean views.
Overlooking Brasilito Bay on the Pacific Coast, the $300 million project will eventually cover 557 acres (225 hectares), including a spa and retail space, in addition to the golf course.