Algodones Parcel – San Carlos, Sonora, Mexico
Schomac owns this approximately 26.33 acres of oceanfront property located in the Algodones area just north of downtown San Carlos, Sonora, Mexico.
San Carlos has been one of Mexico’s designated tourist spots since the early 1960’s but is only now evolving to the point where significant development activity is occurring. As seen in the town of Puerto Peñasco, north of San Carlos, land sold for less than $100/meter several years ago is now being sold for approximately $250/meter. Beachfront lots and condos are now selling for more than three times their sale prices over the last couple of years. San Carlos is poised to experience a rush of development and growth. The infrastructure and public utility systems already in place reflect far better planning for San Carlos than Puerto Peñasco. In addition, San Carlos offers superior sport fishing, water sports, beaches and natural beauty.
The Sponsors intend to commence and complete their plans for a mixed-use development of the property that will include retail (57,000 square feet on 2.6 acres), casitas (200 units averaging 1,500 square feet on 10.4 acres) and a 400 room luxury hotel (average room size of 750 square feet on 13 acres). At that point, the Sponsors will obtain all the necessary permits and the construction financing, and commence development of the new project.
Mission & Irvington – Tucson, Arizona
Mission is a multi-zoned parcel located at 4520 & 4775 S. Mission Road in Tucson, AZ. It was acquired in September 1993. The property consists of approximately 70 acres of residential and commercial land.