Major Real Estate Projects Announced in Costa Rica

Shopping centers and hotels in the city and on the coast are part of the new projects planned for this year and 2015.

Monday, February 10, 2014

Four commercial and mixed-use projects are predicted to boost the sector in 2015. These are City Mall, City Place in Santa Ana, Ocean Mall in Puntarenas and Jacó Beach Walk in in Jaco beach. City Mall and City Place are currently under construction and are projected to start operations in the middle of this year.

"City Mall will feature 185,000 sqm of building and about 300 stores, while City Place will be divided into three stages and seven buildings that together make up a 95,000 m² building which will offer all the facilities of a small town."

"Ocean Mall (22 thousand m² and a $20 million investment) postponed its opening to the end of the year, while Jaco Walk is still in the planning stage."

Two other mixed-use mega-developments (La Estación and Punta Fina) are requesting building permits from the National Environmental Technical Secretariat in Heredia and investment of both will be around $280 million. "



More on this topic

Costa Rica: Boom in Construction of Shopping Centers

January 2015

Projections are that this year about 149 thousand square meters of commercial spaces will be built in different parts of the country, mainly west of the Greater Metropolitan Area.

Some of the upcoming projects include: City Mall in Alajuela, City Place in Santa Ana, e Center in Heredia, and Bamboo Eco Urbano in San Jose, among others.

Commercial Real Estate Market in Costa Rica

February 2014

There is Increased investment in medium-sized commercial developments in the vicinity of residential areas.

Changes in people's habits, looking to cut commuting time from their place of work to their homes is influencing the investment decisions made by real estate developers who are focusing on building medium sized malls (between 1,000 and 5,000 m), located in the vicinity of residential areas and at high traffic points.

New Real Estate Projects in Costa Rican Pacific

September 2013

There are plans to build a mini-city on the beach in Puntarenas, two mega projects and 6 other smaller works that represent $211 million in investments.

The three largest projects will be developed by local companies in the province of Puntarenas, in the Central and Garabito cantons.

Costa Rica: Office and Store Prices in Mini Cities

August 2013

Rent an office in a standard office building costs around $17.38 per square foot, whereas in a mixed-use development the price rises to $23.

This was revealed by a study by the real estate company Colliers International, who also explained that "when it comes to mixed use commercial premises, the average price recorded by the company reaches up to $28, whereas in other commercial centers the figure drops to $18.17 ", reported Elfinancierocr.com.

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