Newport Beach’s Koll Co. plans to develop 233 homes at the tip of the Baja peninsula, ending a five-year hiatus from building in Mexico.
The developer and its partner, Greenwich, Conn.-based Starwood Capital Group Global LLC, plan to start preparatory work next month on a 22-acre site in Cabo San Lucas.
The first homes are set to be finished late next year or early 2007, according to Koll.
“We have had our eye on the market for a number of years,” said Jerry Yahr, a managing principal with Koll.
Yahr declined to give the sale price of the land, which the partners bought in summer.
The entire development could be worth $400 million, according to a company statement.
Prices for the houses and condominiums are set to range from $625,000 to $3.8 million,cheaper than comparable coastal homes in Orange County.
Here coastal land can sell for $1 million to several million dollars an acre, depending on the number of homes per acre. Koll plans about 10 homes per acre in Cabo San Lucas, making it a fairly dense project.
Yahr said company officials like the beachfront location and the size of the site in Baja.
For more on this story, see the Nov. 28 edition of the Business Journal.
