The spokeswoman adds that the JV with GFa is focused on mixed-use projects with a retail component. However, she says, “We have several office building deals in our pipeline.”

While the Brooklyn-born Sitt has built the foundation of his development and redevelopment portfolio in New York City, he has been active in Mexico prior to cofounding the Thor Urbana venture with GFa principals Jaime Fasja and Jimmy Arakanji, who serve as co-CEOs. Through Thor Equities, he redeveloped three marquee properties along Mexico’s equivalent of Fifth Avenue, the Avenida Presidente Masaryk. Tenants at the three properties—426 Masaryk, 102 La Fontaine and 97 Calderon—have included such high-end retailers as Corneliani and Salvatore Ferragamo.

Bloomberg notes that Mexico’s economy, now Latin America’s second-largest, is forecast to grow 3.8% during 2012, compared with expansion of 1.5% in Brazil and 2.2% in the US, according to the median estimate of economists in a Bloomberg survey on Nov. 30. Further, Thor Urbana notes that Mexico is poised to become the world’s fifth largest economy by 2050, citing figures from the World Bank. In 2011 alone, real estate activity in the country increased by a dramatic 14%, as investors have looked to the US’ southerly neighbor.

“Everything you do is based on risk-reward," Sitt told Bloomberg recently. “Playa del Carmen is a lot safer than other parts of the country. You need to know your geography. If you know the country, there’s a lot of potential to make good investments.”

This past May, Sitt addressed the Asociacion De Desarrolladores Inmobillarios convention in Mexico City. He reportedly was the only American real-estate sector leader to address the conference alongside Mexican President Felipe Calderon and telecom tycoon Carlos Slim Helu, the world’s wealthiest man.