Golfito Resort Development

Golfito Resort Development
Project Proforma
Prepared by:
August 18, 2004
I
Project Overview &
Land Assemblage
I - General Project Description
G
olfito, located on the pacific coast of Costa Rica presents a unique opportunity
for resort/tourism development. This small town is located on the first natural
harbor north of the Panama Canal and is adjacent to world-renowned sail fishing
grounds. The town possesses a special heritage, as it was established in the 1950's as
the site of the United Fruit Company's headquarters; much of the original town planning, architecture and atmosphere still exists. Economically the community has struggled since the closure of the United Fruit Company's operations, and tourism development has been hampered by the fragmentation of waterfront properties.
The initial development will consist of several key components among them a revitalization of the waterfront area centered around a new sport fishing marina to create a
pedestrian-only village. The village will incorporate the marina, condo/hotel units,
adapted retail space and residential units. The existing architecture will be employed
to create an authentic experience. Further, the existing pier will be revitalized and
tourism infrastructure upgraded to provide cruise ship berthing and eco-tourism shore
excursions to the biologically important Osa Peninsula.
Future phases will include a more exclusive resort concept to be developed on the
island across the bay from the waterfront, approximately 10 minutes by water taxi.
This exclusive resort will consist of a five-star hotel, accompanying marina and lowdensity "eco" marina condos and tree-top villas. The island is covered with rainforest
and nature trails and interpretative tours will be offered. Finally, a site 5 km from the
waterfront offers an ideal land bank for further phases of residential development
including a golf course.
Golfito
Resorts
see page 2
Location Map
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
1
Regional Tourism Study
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
2
I - Land Assemblage Description
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
3
D
Regional Map
North
4
Golfito
Resorts
1
Legend
Marina Village & Resort
2
Exclusive Island Resort
3
Executive Airport and Urban Core
4
La Gamba Sporting Complex and Eco - Village
3
1
2
see page 5
1 : 40,000
for project region see following page
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
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Golfito Resort Development Projects
Golfito Marina Village
& Resort
Exclusive Island
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
5
II
Marina Village & Resorts
II - Marina Village
T
he old waterfront industrial area within a proposed historical preservation district
is to be re-developed as a small urban town center with pedestrian-scale, wellproportioned streets, and harmonious groupings of residential and commercial buildings. Buildings heights will vary between three and four-stories around the town center plaza. The architecture of the new town will complement the historical character
of the original buildings. The new town should achieve a certain civic intimacy and
small town neighborhood-feel.
The town center will be anchored by a plaza adjacent to the pier entrance and marina.
This plaza will serve as the gathering area for events and festivals or simply an evening
stroll to local restaurants and stores. A pedestrian-scaled "main street" will extend
north to the proposed 250-room waterfront hotel. The main street will be flanked on
the waterfront side by condos/hotels with retail space at street level and residential
units above. The waterfront side of these buildings will have a marina-front promenade and smaller plazas for people to stop and enjoy the ambiance.
rapidly deployed 100 slip floating dock marina complete with amenities including a
yacht club, dockmaster's office, laundry, internet, restrooms, ship's store, fuel dock and
boat ramp. The proposed infrastructure improvements include the reclamation and
shoreline stabilization of approximately 10.0 acres of waterfront lands, improved roads,
clearing and demolition, and the installation of new sewer, water and electrical mains
throughout the site. To prepare for the sales of condo/hotel units a space within the
yacht club will be utilized as a sales center and as lodging for buyers, a promotional
campaign with an international resort marketing firm will be initiated in this phase.
The projected development cost of the initial phase is 16.6M. This includes the cost
to complete the land acquisition, to complete the permitting and planning of the
peninsula and interior lands, to establish a sales center and marketing program, and to
reclaim the marina lands, make infrastructure improvements and construct the first
100 slips of the marina. Construction of Condo-Hotel units will be commenced once
a 50% sales level of each block has been achieved.
Other significant features of the town will include the cruise ship pier and a 200-slip
marina, supporting the sports fishing and yachting community. Given the local Costa
Rican market, opportunities exist for constructing dry dock storage for smaller boats.
This facility may be constructed on the property to the east of the cruise ship pier.
The pier itself may also be improved to include a two-story restaurant with commercial
stores at pier level to accommodate future cruise ship passengers.
The main street will continue north beyond the commercial core into a greenbelt and
park with water features, trees and botanical gardens. This area of the town will transform into a pure residential district with condominiums fronting the park along the
mainland and single-family residences proposed on a newly constructed island offshore
of the park.
The Project Scope includes the development of approximately 40 acres, in several
phases which include redevelopment of an existing pier, waterfront residential and
retail development, a peninsula resort, all of which will total 220 marina slips, 250
hotel keys, 480 condo/hotel and residential units and 150,000 square feet of retail
space. The development costs are projected to be over $200 million over the next
ten years.
The development program consists of several phases. The initial phase will create a
strong positive cash flow as well as develop a solid infrastructure foundation for future
development. The high demand for marina slips in the Golfito region will be met by a
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
12
Golfito Marina Village Renderings
Central Square - On the Waterfront
Marina & Waterfront Promenade
Central Park
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
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III
Golfito Exclusive Island Resort
Master Plan - Exclusive Island Resort
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
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III - Golfito Island
T
he island lies across the bay from the waterfront village, to the southwest of the
town center, and is accessible by a ten minute boat ride. In contrast to the
pedestrian-only village, which is more public, the island resort will focus on seclusion,
tranquility and proximity to the rainforest. The island resort will be anchored by a 120
key five-star hotel and spa, and spa as well as the capacity for a 200-slip marina. This
five-star hotel will support additional residential development including 95 privately
owned treetop villas, and 80 marina front condominiums. The natural ecology of the
island will be preserved and will be an important theme of this exclusive resort.
Nature trails will be constructed throughout the resort providing access to the extensive rivers and waterfalls within this facility. The island will be free of vehicular traffic
and will cater to exclusivity while offering ease of access to Golfito by water taxi
Most of the land is steep primary rain forest as a result only a small fraction of the land
on the island is developable. The properties under control include most of the Eastern
face of the island. The development philosophy is to develop the existing clear flat
land near the coast around a marina and to preserve the rainforest behind. A system
of nature trails is proposed as well as single-family tree-top residential units within the
rainforest canopy.
The development program consists of two phases. The initial phase will bring electricity, potable water and sewage collection to the island by means of an undersea cable
and pipeline. The marina and hotel will be created facing the town of Golfito.
Additionally a roll-on/roll-of pier will be constructed for the staging of construction
materials and equipment, which will eventually become the water taxi station.
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
17
Renderings of Exclusive Island
Five Star Island Resort
Five Star Island Resort
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
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IV
Development Strategy
Phasing Plan
COASTAL SYSTEMS
INTERNATIONAL, INC.
Golfito, Costa Rica
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Golfito Marina Village & Resort
Conceptual Project Schedule
Description
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Project kick-off
Demolitions / Site clean up
D
C
Sales Center
D
C
Marina
100 slips
Design
Construction
Operation
50 slips
Design
50 slips
Design
Marina Business
Capitalized
Operation
Construction
Operation
Construction
Condos
80 units
Design / Permits
Pre-Sales
120 units
Construction
Design
Pre-Sales
120 units
Final Sales
Construction
Design
Pre-Sales
120 units
Final Sales
Construction
Design
Pre-Sales
40 units
Final Sales
Construction
Design
Final Sales
Construction
Pre-Sales
Final Sales
Hotel
Design / Permits
50 keys
Construction
100 keys
Design
Operation
Construction
100 keys
Hotel Business
Capitalized
Operation
Construction
Design
Operation
Private homes
11 units
Design
Pre-Sales
11 units
Construction
Design
Final Sales
Pre-Sales
Construction
Final Sales
Commercial & Entertainment
Marina Yacht Club / Sales Center
+ 500 m2
+ 5,000 m2
Design
Operations
Construction
Design / Permits
Operations
Construction
Design / Permits
Construction
Design / Permits
+ 3,000 m2
Design / Permits
+ 3,000 m2
Cruise ship Pier & Retail
COASTAL SYSTEMS
INTERNATIONAL, INC.
Operation
Operation
Construction
Design / Permits
+ 2,000 m2
Design / Permits / Concession
Construction
Commercial &
Entertainment
Business Capitalized
Operation
Construction
Operation
Construction
Operation
Pier Capitalized
Golfito, Costa Rica
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