Progress at Seaside Mariana Speaks Louder Than Words
MARIANA REGION IN NICARAGUA ATTRACTS CONTINUED INTEREST AND GLOBAL INVESTMENT DESPITE CHALLENGING ECONOMY
Seaside Mariana has grown beyond its original vision as a luxury resort into a true Oceanfront Community in itself. The rich and varied topography of Seaside lends itself to the creation of completely unique neighborhoods within the larger surrounding communities. Seaside Mariana is fortunate to occupy one of the best beaches in the country, yet is only an hour away from the capital of Managua and the international airport.
Pre-Construction Development
The developers at Seaside Mariana subscribe to the philosophy, “Speed is The Best Companion to Opportunity.” Meticulous attention to detail, coupled with prompt and decisive action is a hallmark of Grupo Mariana’s development style. At Seaside Mariana it’s a given that speed compliments, rather than compromises, quality. Seaside Mariana has developed a master plan for the Property, acquired projected cost estimates, obtained a preliminary design, routing with center line markings and grading plans of the golf course from the Nicklaus Design organization, completed construction plans with a budget for the costs of the development of Phase I infrastructure, construction and permitted. Development of the Property requires issuance of a variety of permits and approvals from various governments. Many of these permits and approvals have been obtained, including the approval of the Major Use of Land Permit from INETER, department of Managua, Nicaragua establishing good conditions for construction on the land and no faults lines or risk to development. In addition, development permits have been obtained from the two local municipalities, as have the required water and cultural permits. Seaside Mariana has been issued a complete master policy of title insurance from First American Title Insurance and a second carrier, Stewart Title Guarantee, as of February 2008. The first phase of a two phase process submitting for environmental permits to the department of MARENA was completed in July 2007. The final environmental permit is anticipated in January 2012 following the completion of the civil engineering plans in September 2011. The development and site plan construction permit is anticipated in November 2011. The anticipated date of commencement of construction of infrastructure is November 2012. As of 2007, a well has been drilled 200 feet and water located. The results of the drilling have proven the well has an ability to deliver up to and over 33 gallons of water per minute. A second well was completed in September 2007; with results of the drilling indicating the well has an ability to deliver up to 270 gallons of water per minute. Two more wells were drilled in the first and second quarters of 2008, each delivering an additional 250 gallons of water per minute. The individual land lot surveys (380) were completed in March 2008 and registered in the public registry of Managua and Carazo with a registered Catastral Survey Map and reference number along with the Horizontal Property Regime (HPR) submitted to the public registries of two municipalities in August 2009. In February 2010, all land lots within the HPR are registered in the municipalities of Managua & Carazo, ready for the transferring of individual titles and are approved for sale. A Nicaragua Corporation has been formed for the mutual benefit of property owners and Developer. Seaside Mariana Property Owner Association S.A. has been formed and serves as the property owners association for the Development (the “POA”). Existing property owners are members of the POA. Seaside Mariana is the first resort in Nicaragua to file the extensive documentation required for the Security and Exchange Commission (SEC), pending registration with Housing and Urban Development (HUD), and the comprehensive Canadian Disclosure process. Additionally, the Nicaragua Ministry of Tourism and the offices of PRO Nicaragua and the President of Nicaragua has signified his support for the project in letters to the Developer. Earl Swensson and Associated from Nashville, Tennessee and Tino Mendietta from Nicaragua are currently designing the condominium and bungalow units and civil design is contracted with Castaneda Engineers of El Salvador and other independent engineers in Managua, Nicaragua. Pre-construction already has begun with land clearing and extensive site staking of all roads and home sites in Phase 1. Civil engineering plans are underway for communication, three-phase power, potable water and roads. Trees have been cleared for the upcoming roadwork. The construction of the golf course is underway with routing, center lines, soil tests, water tests and grading plans complete. Planning of the Wyndham site, which will be in the center of the project, is ahead of schedule with the land plan complete and defining the construction phasing strategy. The environmental permit was issued by INEFOR, and the coastal highway relocations were approved by the Ministry of Transportation and the Attorney General’s office, bringing Seaside Mariana even closer to fruition. Also of note, the the creation of a rental program to be managed by Kemper Sports Management, the third largest US-based golf and hospitality Management Company. This program will enable owners to earn a return on their investments when not on site. Seaside Mariana also has finished an 18-month process to complete the registration of the Home Owners Association on all 923 acres, with all covenants and restrictions. Investors have embraced the project, as witnessed by the fact that over 250 home sites have been sold. A political risk insurance policy is pending from AON Insurance Company for Seaside Mariana, which is the first such policy of real estate to be issued in the country. This provides investors with another layer of security for their investment. An on-site real time camera is being set up at Seaside Mariana so investors can watch the progress and see firsthand the fruits of their investment.
Setting the Stage for Great Things
In the last year alone, a time period in which many projects have gone into hibernation or out of business, an extraordinary amount of progress has occurred at Grupo Mariana. The momentum and excitement that has been generated about Seaside Mariana is palpable. The year 2011 saw favorable receptions in markets in the United States, Canada—with successful visits to over 25 cities across North America. The press has taken notice of the progress at Seaside Mariana and articles have been featured in The New York Times, The Nica Times, The International Herald Tribune and International Property Journal. Grupo Mariana believes in delivering the best of the best to the owners and investors—and doing so in a timely fashion. Seaside Mariana is moving forward with precision and velocity. Rigorous follow through and attention to detail ensures a successful future for Seaside Mariana, its investors and property owners.
We invite you to have a look. You’ll love what you see. Please consider joining us for our Discovery Event being held regularly in Nicaragua.
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