US developers on Wednesday announced plans for a 15-year, billion-dollar tourism project, to start construction in November on two beach-front properties in Guanacaste's north.
The project, known simply as Guacamaya after one of the beaches, will include a Ritz Carlton hotel, a smaller, as-yet-unnamed boutique hotel, an 18-hole golf course, a 200-slip marina, an equestrian center and up to 800 single family homes.
For the first time, the project will include a desalinization plant that will turn sea water into drinking water and ease pressure on Guanacaste's fragile water supplies.
“This further consolidates the area as a destination for the upscale tourist market,” said the Minister for Tourism, Carlos Ricardo Benavides, at a party to launch the project.
“To be chosen for the site of such an upscale or high end project, well, it is not every country that can do this,” he told about 120 invited guests from local and national government and the tourism industry.
Mr Benavides was speaking after officially opening the offices of Plantación Properties, an affiliate of Christie's Great Estates, which will market and sell the residential arm of the project.
The development, to be built on about 800 hectares (2000 acres), is a partnership between Union Box Company of Baltimore in Maryland and Greenfield Partners, a privately-held real estate investment firm in South Norwalk, Connecticut.
The property, which was purchased in two chunks over three years, covers three, white-sand beaches — Playas Guacamaya and Zapotal, plus the smaller Playa Celeste — all about 25 kilometers (16 miles) north of Tamarindo.
A $100 million, 110-room Ritz Carlton hotel will be built across Zapotal beach, beginning construction late next year. Larry Silverstein, the Chief Executive Officer of Union Box Company, said he expected the hotel to be completed by the end of 2010.
“We talked to a number of hotels — we approached some and others approached us — but it was clear the Ritz was a very good fit for us,” Mr Silverstein said.
“That whole area is somewhat unknown,” he added. “For most people the world stops after Playa Potrero and starts again, further north, at Playa Ocotal. The Ritz is a distinct brand that can bring immediate recognition, as opposed to there being just another hotel.”
It is understood the developers will build the hotel, while the Ritz will lend its name to the structure, taking a management fee and a percentage of room sales, as has become customary with hotel projects.
Work on an 18-hole golf course, designed by architect Rees Jones, will start at the same time as the hotel. Mr Jones, who has designed more than 100 golf courses, mainly in the US, will lay out the course in the Zapotal Valley, which stretches about four kilometers back from the coast. There will be no residential sites within the valley.
A 200 slip marina, capable of docking so-called mega-yachts of up to 92 meters long (300 feet) will be sited at the southern end of the development, between Zapotal and Celeste beaches.
A boutique hotel, yet to be named, and of somewhere between 50 and 100 rooms, will be built to service the marina.