Developer Eyes Sámara For New Luxury Projects

A Central Valley real estate developer, Grupo Inmobiliario Tzion, is heading to the PacificCoast, with two new projects in Sámara, a coastal town in the northwestern province of Guanacaste.

“The market has brought us out to the beach,” said company president Felipe Sanabria, who noted that, including joint projects with a company called Chicago Partners, Tzion will seek to develop half of the Sámara coast by 2010.

For the moment, however, Tzion only has two projects under construction there. Vía Veneto, a four-story luxury complex with 16 condominiums and three penthouses, should be completed by Dec. 21 of this year. Sanabria said 70% of the units are sold, and they run from $200,000 to $600,000.

A larger project at Sámara is named Liguria. A six-story building with 45 condominiums and five penthouses, Liguria will be three times as big as Vía Veneto, with three different swimming pools.

That project won’t be completed until December 2009, and at the moment construction is still in the earth-moving and foundation phase, but the units are already open for presale, from $180,000 to $500,000.

Sanabria said 10% of the units have been sold.

This October, the company will also be completing a luxury housing development in Villa Real de Santa Ana, southwest of San José. In September, construction will start on a luxury high-rise building near La Sabana Park, on the west side of the capital city.

Grupo Inmobilario Tzion is a real estate developer that has operations in Israel, the United States, Mexico and Panama. The company has been doing business in Costa Rica under the names Ingecosa and Inversiones Roble since 1996, and five years ago it brought the two companies together and began operating under the name Tzion in Costa Rica.

The company has developed multiple properties in the western suburb of Escazú, San José and the eastern suburb of Cartago.