After throttling back its activities in 2009 in response to the economic downturn, the team at Milagro del Mar Beach & Golf Resort in Nicaragua is pressing ahead with an aggressive relaunch strategy.
Construction of the Ocean Village condominiums is back on track, an innovative eco-community is underway, new custom homes are under construction, and improvements and renovations are in progress on the resort's golf course. A nine-hole golf course is open for play, with an additional nine holes planned for the next phase of expansion. Eventually, the resort will feature the Country Club of Milagro del Mar.
"We were able to weather the downturn and actually benefit from it in terms of additional planning and the opportunity to expand our land holdings," said developer Roger Keeling. “We were able to put new financing in place and are now pushing forward quickly in what we feel is a rapidly improving market. We also are benefiting from the strong economic expansion here in Nicaragua, which is seeing significant gains in outside investment and tourism, as well as phenomenal growth in its GNP.”
The masterplan was substantially revised and expanded after Keeling acquired properties and amenities that were previously part of Gran Pacifica, a master development. The revamped plan still centres around the newly named Ocean Village, a neighbourhood of two and three bedroom condominiums and villas situated on land sloping toward the ocean. The first condominiums are set for completion in the first quarter of 2014.
According to Keeling, both Nicaragua and destinations such as Milagro del Mar are gaining momentum from improving markets. The country has experienced steady upward trends in most sectors of its economy, and its recognition is spreading as a safe and welcoming place to visit, invest and live.
"Needless to say, it's exciting to crank up our activities again," Keeling said. "It wasn't easy to wait, but it certainly was the right thing to do and now ideally positions us to move forward and create new momentum. It's often said good things come to those who wait. For us, we now believe better things are coming for those who have waited."