Belize Resort Gets Official OK

Tuesday, October 17, 2006

Chicago-based ioVest Development L.L.C. and Ara Macao Holdings L.P. announced that they have won approval by the Belize National Environmental Appraisal Committee to move forward on a 582-acre resort called the Ara Macao Resort and Marina in Placencia, Belize. The resort features a mile of Caribbean Sea waterfront.

The master-planned condominium resort community and marina is being developed in Belize's growing Stann Creek District. Phase 1 of the project is slated for completion in late 2007. It will include the marina waterway, a central utility plant, and six condominium buildings with a total of 72 units.

The resort's complete construction plan calls for 456 luxury beachfront condominiums (pictured), 296 marina waterway villas, 260 sea-view hotel condominiums, and 59 golf course home sites. Unlike Mexico and other Caribbean nations, English-speaking Belize permits U.S. citizens to own coastal land with title guaranteed by the government. The Belize dollar is fixed at a 2:1 ratio to the U.S. dollar.

Common area facilities scheduled for development during Phase 1 include a swimming pool, a reception center with a lobby, a restaurant and bar, fitness center, convenience store, dive and tackle shop, and a plant nursery. One-third of the marina will also be completed during Phase 1. The marina will eventually offer an array of natural features including a rainforest nature preserve for Scarlet Macaws and a coral reef within swimming distance from the beach.

Once known primarily for its scuba diving, Belize encompasses mountain ranges, tropical rainforests, white sand beaches, and the largest barrier reef in the Western Hemisphere.

Iovest and Ara Macoa together have more than $7 billion of real estate development projects and more than 75 years of development experience.

Source: CPN