JV To Develop 1,200-Acre Baja Resort

CABO SAN LUCAS-A 1,200-acre resort will be constructed here by developer JMJ Development of Dallas and Bonito, CA-based Pueblo Bonito Hotels and Resorts. The two companies recently agreed to terms for Cabo Pacifica, which will include two championship golf courses, hotel sites, condominiums and individual home sites. Eliud Garcia, the vice president of Latin America operations for JMJ, tells GlobeSt.com the site is five minutes from Downtown Cabo on the western tip of Baja, adjacent to Pueblo Bonito’s 55-acre Sunset Beach resort. The landowner is a principal of Pueblo Bonito Hotels, he says, and JMJ will be the fee-based master developer.The project, estimated at several hundred million dollars, is scheduled to break ground this fall and take about 10 years to build out. However, Garcia tells GlobeSt.com that that development schedule could be cut by as much as half if a deal being negotiated with “a major US developer” is consummated. The unnamed company would come in and develop much of the residential housing, says Garcia.The 1,200-acre property includes between eight and 10 hotel sites, says Garcia, some of which likely will end up being condominium developments or fractional ownership properties. The sites will either be sold to a hotel developer, or developed by JMJ to suit a particular hotel operator. The development also includes a retail center currently planned at around 100,000 sf, he says.JMJ Development, a subsidiary of JMJ Holdings, is a real estate development firm, which partners with private landowners in developing real estate projects throughout the world. JMJ currently is developing two ultra-luxury hotel properties in Mexico at Punta Mita and Playa del Carmen, and at the same time developing properties in Colorado, Texas, Brazil and Indonesia. For Pueblo Bonito Hotels and Resorts, one of the main developers of high-end time-sharing properties, Cabo Pacifico is its first venture in the resort development aspect of the tourism industry.