Grupo Mariana has developed a master plan for the Property, acquired projected cost estimates, obtained a preliminary design and completed routing with grading plans of the course from the Nicklaus Design organization, and the Company has recently completed construction plans with a budget for the costs of the development of Phase I infrastructure and construction of Mariana del Norte Condominiums and Laya Boutique Hotel.
Development of the Property will require extensive infrastructure improvements, such as roads, electricity, water and sewage facilities. 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 Major Land Use Permit, subdivision map, water permits, cultural permits and the INETER permit from the 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. The Company has been issued a complete master policy of title insurance from First American Title Insurance and a second application was approved and a policy has been issued from 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 November 2011 following the completion of the civil engineering plans in August 2011. The Development site plan construction permit is anticipated in December 2011. The anticipated date of commencement of construction of infrastructure is June 2012.
As of July 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 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 2008. In February 2010, all land lots within the HPA are registered in the municipalities of Managua & Carazo, ready for the transferring of individual titles and are approved for sale. The recording of the deed upon sale of property in Nicaragua is often a time consuming process and can take three (3) to six (6) months on average.
A master property owner’s association regime for the Property has been established. A Nicaragua Corporation has been formed for the mutual benefit of property owners and Developer. The 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.
New property purchasers will also be required to be members of the POA. All property owners are required to remain members of the property owners association for so long as they own property within the Club community. The POA is governed by a Master Declaration of Covenants, Articles of Incorporation and By-Laws (the “POA Documents”). The POA Documents provide for the payment of assessments by members of the POA to pay common expenses of the POA.
The owner is obligated to pay each year the current annual assessment for each home site owned after the sale of the first home site in that neighborhood. A neighborhood association will also govern each home site and the owner pays an annual assessment to cover the costs of maintaining any common area in the neighborhood such as individual condominium association or villa association. Club amenities dues are separate and do not form part of the POA.
Grupo 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. This is all done in order to provide our investors with an unparalleled level of security, in a resort that is destined to become the finest in the country. Additionally, the Nicaragua Ministry of Tourism and the offices of PRO Nicaragua and the President of Nicaragua have signified their support for the project in letters to the Developer.
Tino Mendieta from Managua, Nicaragua is currently designing the Mariana del Norte Condominiums and Laya Boutique Hotel & Bungalows and Earl Swensson and Associated from Nashville, Tennessee have designed the Wyndham Nicaragua Resort & Casino Branded Residential condominium units and civil design is contracted with Huertas Engineers of Nicaragua and other independent engineers in Managua, Nicaragua. Castaneda Engineers is responsible for the project management and construction of community and his relevant experience includes the construction of the five-star Intercontinental Hotel in Managua, Nicaragua along with other major construction projects across Central America.
Mariana del Norte beachfront condominium units are expected to start at 99,000 going up to $260,000 in the first phase. The pricing structure begins 20% to 40% lower than second home communities in the nearby country of Costa Rica. This pricing structure will be possible due to the Company’s low acquisition basis and the low cost of installing the basic services of infrastructure that is projected by the developer.
Phase I of the development includes one beachfront condominium building with 16 residential condominiums units within one 4-story beachfront building and a planned boutique hotel with 14 hotel bungalow units within multiple two-story beachfront bungalow buildings located within the Mariana Del Norte neighborhood on the Master Plan.
Banpro, Nicaragua’s largest commercial bank will provide financing programs to buyers. Within the Development, Banpro will finance up to eighty percent (80%) of condominium or home construction prices.
The Development’s primary amenity will be a Jack Nicklaus Signature Golf Course designed by legendary golfer and golf course designer Jack Nicklaus. The 18-hole golf course is scheduled to begin construction upon available financing and the receipt of the environmental permit.
A golf clubhouse of approximately 5,000 square feet, including a casual mixed grill and bar, pro shop, and men and women’s locker facilities with wet areas and lockers will be built. The clubhouse is planned to feature extensive outdoor dining areas with picturesque views of the ninth & 18th holes overlooking the Pacific Ocean. Construction of the Club will begin when there are at least 100 golf memberships sold or at the discretion of the Company based on current sales projections and available financing.
Tino Mendieta from Managua, Nicaragua is currently designing the Mariana del Norte Condominiums and Laya Boutique Hotel and Earl Swensson and Associated from Nashville, Tennessee have designed the Wyndham Nicaragua Resort & Casino Branded Residential condominium units and civil design is contracted with Huertas Engineers of Nicaragua and other independent engineers in Managua, Nicaragua.
Castaneda Engineers is responsible for the project management and construction of the beachfront community and his relevant experience includes the construction of the five-star Intercontinental Hotel in Managua, Nicaragua along with other major construction projects across Central America.
Mariana del Norte beachfront condominium units are expected to start at 99,000 going up to $260,000 in the first phase. The pricing structure begins 20% to 40% lower than second home communities in the nearby country of Costa Rica. This pricing structure will be possible due to the Company’s low acquisition basis and the low cost of installing the basic services of infrastructure that is projected by the developer.
Phase I of the Development includes one beachfront condominium building with 16 residential condominiums units within one 4-story beachfront building and a planned boutique hotel with 7 hotel bungalow units within multiple two-story beachfront bungalow buildings located within the Mariana Del Norte neighborhood on the Master Plan.
Banpro, Nicaragua’s largest commercial bank will provide financing programs to buyers. Within the Development, Banpro will finance up to eighty percent (80%) of condominium or home construction prices.
The Development’s primary amenity will be a Jack Nicklaus Signature Golf Course designed by legendary golfer and golf course designer Jack Nicklaus. The 18-hole golf course is scheduled to begin construction upon available financing and the receipt of the environmental permit.
A golf clubhouse of approximately 5,000 square feet, including a casual mixed grill and bar, pro shop, and men and women’s locker facilities with wet areas and lockers will be built. The clubhouse is planned to feature extensive outdoor dining areas with picturesque views of the ninth & 18th holes overlooking the Pacific Ocean.
Construction of the Club will begin when there are at least 100 golf memberships sold or at the discretion of the Company based on current sales projections and available financing.
For more information: info@layaresort.com.
Grupo Mariana is involved in the development and sale of Nicaraguan real estate, the creation and management of authentic Nicaraguan hospitality experiences, and the export and promotion of Nicaraguan products. A core part of the company’s mission is to reinvest in the country’s growth and economic development.
When you’re interested in receive further details about an early investment opportunity in Nicaragua, we can give you even more excellent reasons to explore a new life in Nicaragua, whether you’re interested in vacationing, retiring, starting a new business or investing in the lucrative opportunities that abound.
We are very excited about the future of our growing resort and would love to help you learn more about LAYA and Nicaragua’s Pacific Coast.
Join fellow adventurers who have registered for more information today.
Grupo Mariana is involved in the development and sale of Nicaraguan real estate, the creation and management of authentic Nicaraguan hospitality experiences, and the export and promotion of Nicaraguan products. A core part of the company’s mission is to reinvest in the country’s growth and economic development.
When you’re interested in receive further details about an early investment opportunity in Nicaragua, we can give you even more excellent reasons to explore a new life in Nicaragua, whether you’re interested in vacationing, retiring, starting a new business or investing in the lucrative opportunities that abound.
We are very excited about the future of our growing resort and would love to help you learn more about LAYA and Nicaragua’s Pacific Coast.
Join fellow adventurers who have registered for more information today.
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