Response Moves $200M Condo Project Along

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PUERTO VALLARTA, MEXICO-After selling out the first tower in a matter of days, a US-based partnership has begun offering units for the second phase of a $200-million condominium complex designed by acclaimed architect Philippe Starck. ICON Vallarta fetched more than $70 million in the opening round of sales, as 130 units changed hands at rates of $200,000 to more than $1 million, prompting the owners to move up the groundbreaking of the first tower to last Friday and begin marketing the second building.

“The success of the initial sales event of ICON Vallarta exemplifies the emerging trend of international buyers seeking dynamic, exclusive homes,” says Related Group chairman Jorge Perez, whose Miami-based firm is developing the five-acre, 343-unit oceanfront complex in partnership with the Chartwell Group of Mexico. Many of the buyers hail from the US and Mexico, says Perez, praising Starck’s involvement for enhancing interest in the property. Related Group is developing the Mexico project through its affiliate, Related International.