Read the full article by Mansion Global here
Developers love describing sites as “untouched.” But in the case of Costa Elena, a master-planned community on 3,000 acres in northern Costa Rica, the descriptor fits.
Bordering the Guanacaste Conservation Area, a 400,000-acre Unesco World Heritage Site renowned for its biodiversity, Costa Elena is “a beautiful coastline that’s rarely visited and hardly developed,” according to Carlos Hernandez, San José-based CEO of Pellas Development Group, the Nicaraguan company behind Costa Elena. “This is really uncharted territory.”
The project’s first phase will include just 24 residences, eight of which have already sold out. A new phase—with three homes of about 6,000 square feet each is underway, along with an high-end hotel and beach club.
“The whole master plan will create a community of just 400 to 500 residents,” Hernandez said.
The developer talked to Mansion Global about nature-inspired design, multigenerational buyers and the environmental upside of luxury development.
Mansion Global: Is Guanacaste’s biodiversity a big part of selling this project?
Carlos Hernandez: It’s a huge part of selling it. Along with creating a new Riviera in Central America, we’re introducing luxury as a means of economic impact with minimal environmental impact. Ultimately, we’ll employ about 650 people, 90% of them local. We’re working to develop a system of local artisans. Instead of the mass-market development of tourism, which is all based on numbers, we’re introducing a model that is predicated on low density, high value,and fewer but higher-paying guests as a tool for conservation-based resorts.
A [University of Pennsylvania] scientist named Dan Janzen has led protection efforts in the Guanacaste conservation area for years. We started working on this project in 2006. At the time, the official sightings of jaguars, for instance, was zero. Today, there are a record number of specimens, getting close to 100. The yellow-neck parrot was almost extinct in 2008. Now, they wake you up in the morning when you spend the night in one of the villas.
MG: Who’s the buyer for this kind of project?
CH: Our buyers have mostly come from the U.S. and Canada. We’re finding the project appeals to an affluent, sophisticated buyer who’s younger—many are between 40 and 55. They’re active and sports-driven. They’re not looking for a life on the beach, nightlife or malls. They want to kitesurf, dive, and enjoy the connection to wildlife and nature, while demanding top-notch services and hospitality, along with superior infrastructure and connectivity.
MG: For luxury buyers, is Costa Rica a better value than other countries in the region?
CH: It’s a great value. First, there’s tremendous accessibility and airlift from the U.S. Buyers who are looking for offshore investments find tropical weather, like Hawaii, but a five-hour flight from the East Coast. Aside from Mexico, Costa Rica is the most well-connected destination in Latin America. Second, Costa Rica is the most stable democracy in the region, along with Uruguay, so investments here are perceived to be secure.
