The project is located on Acueducto Street, two blocks from Los Colomos nature preserve, a 90-hectare (222-acre) forest with scenic biking/hiking trails. The development is being targeted to the upper-middle segment of the market.
The condominium units will range from 1,400 sf to 1,830 sf. Amenities will include automated access control, a club room, fitness and sports facilities. More than half of the property will consist of outdoor terraces and landscaped areas.
The building is currently in design, a stage being handled by the San Francisco-based architectural firm of Kaplan, McLaughlin, Diaz, which was responsible for the W Hotel in Mexico City. Site work is slated to begin in the fourth quarter. Completion is expected in mid-2007.
Guadalajara is located in the central region, 300 miles north of Mexico City. Hines VP Lyman Daniels says Hines has been investing in Guadalajara's commercial real estate market since 1998 but this is the company's first residential project in the city and it's third in Mexico. Hines' developed Mexico City's Del Bosque high-rise condominium towers and is currently under construction in Queretero for El Faro, a 40-unit development.
Hines was not immediately available Friday morning for further comment. Hines and CalPERS closed the HCM Holdings LP fund in January of this year. It was created specifically to invest in the Mexican real estate market. It has an eight-year term and a $200 million capacity, including leverage. The fund will concentrate on the residential and retail markets.
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