Thor Urbana Capital will make a major investment of at least half a billion dollars developing and redeveloping real estate across Mexico, taking advantage of the enormous real estate boom that is beginning to take hold across the country, company executives announced today.
The first project, announced today, will be for nearly a full block of high-end retail along Quinta Avenida, a heavily traveled shopping boulevard in Playa del Carmen.
“Each and every day, Mexico looks more and more like the new Brazil and the opportunities going forward look plentiful” said Joseph Sitt, Chairman of Thor Urbana. “Mexico has all of the favorable conditions to lead to a significant real estate boom largely unseen in developing markets to date.”
“The time couldn’t be better to launch Thor Urbana both in Playa del Carmen and all around Mexico,” said 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. Thor Urbana is uniquely positioned to deliver these top-flight products to the people of Mexico and visitors, alike.”
“Mexico has positioned itself to be the next great real estate destination for investors throughout the world,” said, Jimmy Arakanji Co-CEO of Thor Urbana. “Our mission is to capitalize on this impressive growth and create the next great retail landscape that will draw shoppers to Mexico for generations to come.”
Launched as a joint venture between the principals of New York-based Thor Equities and leading Mexican developer GFa Grupo Immobiliario, Thor Urbana received the $500 investment from a large Canadian Institutional Investor.
Mexico is poised to become the world’s fifth largest economy by 2050, according to the World Bank. International investors are looking south – and betting on the future. In 2011 alone, real estate activity in the country increased by a whopping 14%, a promising sign of what is yet to come.
The project that Thor Urbana announced today is one of the first of an anticipated wave of international investments and will occupy an entire block of the premier Quinta Avenida in the burgeoning resort town ofPlaya Del Carmen. The development will host restaurants, a fitness center, and high-end retail space that will showcase an exclusive blend of international luxury brands, joining already established world-class labels like Hugo Boss and Armani Exchange.
Prior to this venture, Joseph Sitt, a global leader in High Street real estate, redeveloped three marquee properties along the “Fifth Avenue” of Mexico City, the Avenida Presidente Masaryk, drawing luxury retailers including Corneliani and Salvatore Ferragamo. This latest development will add significantly to Sitt’s Mexican portfolio and serves as a signal to investors worldwide, that Mexican real estate is on the verge of a major boom.