AOL founder Steve Case's $800 million project in Costa Rica delayed until 2010

The financial problems in the United States are taking a toll on Costa Rica.

Wednesday, October 15, 2008

Construction was scheduled to begin next year on the much-discussed Cacique development, which includes two boutique hotels, a spa, an array of high-end home sites and a tennis facility designed by Andre Agassi and Steffi Graf. But now the project won’t break ground until 2010, at the earliest.

“In the current environment, we do not consider it prudent to start construction,” said Jorge Cornick, spokesman for the project. “But as soon as the market goes back to normal, the project will proceed, as planned.”

More on this topic

Costa Rica: The Calm After The Storm

May 2011

The property crisis in Guanacaste, Costa Rica’s main tourist center, reads like two sides of the same coin.

Three years after the U.S. financial crisis resulted in collapse of real estate prices in Guanacaste, the calm after the storm seems not to have reached all areas of the province alike.

Financial crisis in the US affects investments in Costa Rica

September 2008

$1.2 billion in real estate investment have been suspended until project viability can be assured.

Several major hotel chains announced that their investment projects would be suspended for an indefinitely until the viability of the projects can be assured. These decision represent $1.2 billion in tourism investment in Costa Rica.

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