Site work for the gated community is expected to begin around the end of December. The project will be developed in four phases. Delivery of the first units is expected in late 2006 or early 2007.
Koll's acquisition and development manager Bill Larkin tells GlobeSt.com that the bulk of the units will be in a series of low-rise buildings up to six stories. In addition, there will be 30 single family beachfront homes. The development will offer direct access to the Cabo San Lucas Marina and include a beach club with full restaurant, infinity pools, spa, workout facilities and lounge for the use of residents.
Condos will range from 1,100 sf (one-bedroom) to 3,500 sf (four bedrooms) while the two-story detached homes will have four bedrooms and 3,600 sf. Initial home prices are expected to range from $625,000 to $3.8 million, but pricing won't be finalized until January. The total sell out is estimated at around $400 million.
Larkin says that the design and entitlement processes are under way and demolition of the existing hotel on the property will take place in late December. The size of each of the phases will be determined in January based on the amount of interest shown by prospective buyers.
"On an informal basis, we're taking reservations now; interest has been higher than we anticipated," Larkin says. "Once we formalize the marketing process, the first two phases may end up being larger than originally envisioned."
The Koll Co. is a real estate acquisition, development and management firm. The company was the original developer of Palmilla and Cabo del Sol, two Cabo San Lucas-area golf course resort communities with room for 3,100 homes. Koll has since sold both of the developments.
The design of its latest project is being handled by the San Francisco-based architectural and planning firm Hart/Howerton. The JV's local building partner will be Del Mar Development, a division of Houston-based real estate company Senterra that developed Villas Del Mar, an enclave of luxury homes that is part of the master-planned Palmilla resort and golf course community.
The land for the development was sold to the JV by the Parr family of Cabo San Lucas. Larkin declined to reveal the purchase price or the expected development cost, citing confidentiality agreements.
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