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El DORADO
August 20, 2007
Soon: http://www.eldoradocostarica.com

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Location and size

The site is 9 acres / (4 hectares - 40,000 square meters); this is 4 times the size of Los Jardines. It is located about 2 kilometers west of Santa Ana and 2 kilometers into the foothills off the road which connects Santa Ana with Piedades. We anticipate that when finished in approximately 3 years, we will have built 75 homes with a probable total sales of around $20 million.

 

Legal Structure

The legal structure will be condominiums. Bank financing should be readily available to qualified purchasers. We hope to attract Costa Rican as well as non-Costa Rican purchasers.

 
       

House Features

The quality will be the same as Los Jardines —lots of attention to details, gorgeous cabinetry and built in book cases / display centers, granite counters and vanities, American Standard plumbing fixtures and faucets, recessed halogen lighting, home security systems, back up emergency lighting, etc. For the most part, each house will have space for a clothes washer/dryer and for a built in dishwasher. The more expensive houses will have larger refrigerators. Virtually, all the houses will have hot water tanks vs. the gas demand heaters used at Los Jardines. We expect to have mostly covered parking. We will have state of the art telecommunications systems and 24/7/365 on site security.

 

Development Strategy and Timing

At Los Jardines, we built a substantial portion of the common element areas first such that prospective purchasers had a better idea of what they were getting. In this case, we expect the site will be developed in phases and each phase will probably proceed more in parallel with house construction because we expect to have an extensive master plan and we have Los Jardines to help prospective purchasers visualize the end product. In addition, the scale of this project and the fact that there are two municipal entrances to the property (one on either side of the stream) means we can develop it in phases.

 
       

Style of Housing

We will build a variety of one and two story houses as well as side splits and back splits in order to take advantage of the varied terrain. The houses will range in size and will include one to five bedrooms, some with maids quarters. Many of the homes will be detached; a number will be in small multiple units —4 or 6 plexes. We will orient the houses such that they capitalize on the mountain, or valley views or on the river presence and landscaped gardens. While we expect to build homes for sale, we also expect to sell lots and work with purchasers of those lots to build custom built homes.

 

Current Status

Status as of August 20, 2007

We closed on the property Monday, August 7, 2006. After 35 versions we have finally settled on a site plan. This was a long planning period due to the complexity of the site and our desire to work with the topography and save as many of the major  trees and to maximize the views from each lot.  The D1 Environmental Review documents were submitted to SETENA, in May. We have authorized the chosen electro-mechanical to complete the drawings according to the specifications we have established and expect those and the architectural drawings to be ready for submission by October 1. We have completed the floor plans for our various options and the architect is preparing renderings for marketing.  We are continuing to put together the marketing package.

We have established a construction materials warehouse and covered work area on site. We have survey the lots and have roughed in service access roads where final roadways are expected to be. We have purchased a Bobcat, a 3 1/2 ton stake truck and an ATV. We have electricity, phone, and security living quarters on site as well as a portable generator for welding and other needs. In June we  received permission to construct a perimeter fence; that is proceeding. We have applied for permission to dig a well. We are covering a drainage ditch.  We have hired a marketing / sales manager who will be dedicated to working with RE agents and prospective clients.
 
     

Site Features

Extensive nature paths will wind along on either side of the stream which runs lengthwise through the property. The stream (Rio Oro) will be spanned by several suspension bridges. These bridges will connect the two sides of the land and tie them together into a community. Three swimming pools —each with waterfalls and each with recreational and social facilities, as well as well as water fountains, extensive landscaping, and night time lighting will be prominent features of the development. We will have a daycare facility, fitness center, recreational/social center as well as a tennis court and basketball hoops court. We will have on-site property management and will offer lock-and-leave as well as leave-and-lease capability.

   
     

Marketing

We have hired a marketing / sales manger to focus on this task.  He is currently getting up to speed.  We have a number of people who have expressed interest in El Dorado based on their on-site inspections of both El Dorado and of Los Jardines.  We expect to have our marketing information sufficiently together by October 1 such that we can begin taking reservations. Early purchasers at Los Jardines not only realized a great capital gain but enjoy a product which, in many cases, far exceeds their expectations.

   
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