By Gabriel Circiog, Associate Editor
Thor Urbana Capital is launching a major investment project, estimated at around half a billion dollars, across Mexico. The project, which focuses on developing and redeveloping real estate aims to take advantage of the real estate boom, which is reported to have begun throughout the country, according to company executives.
“Mexico has all of the favorable conditions to lead to a significant real estate boom largely unseen in developing markets to date,” said Joseph Sitt, Thor Urbana’s chairman.
The first announced project will be a high-end retail development spread over nearly a full block along Quinta Avenida, a high-traffic shopping boulevard in Playa del Carmen.
“The time couldn’t be better to launch Thor Urbana both in Playa del Carmen and all around Mexico,” said Jaime Fasja, co-CEO of Thor Urbana. “Across the country, and particularly in destination areas, there is a growing hunger for moderate and high-end retail, restaurants and other development. Thor Urbana is uniquely positioned to deliver these top-flight products to the people of Mexico and visitors, alike.”
The first project of Thor Urbana, in the burgeoning resort town of Playa del Carmen, will feature restaurants, a fitness center and high-end retail space which aims to attract a mix of international luxury brands. The new additions will join the already established world-class labels such as Hugo Boss and Armani Exchange.
Thor Urbana was launched as a joint venture between the principals of New York-based Thor Equities and Mexican developer GFa Grupo Immobiliaro. A large Canadian institutional investor supplied the $500 million investment. Joseph Sitt already has experience in High Street real estate, having already redeveloped three marquee properties along the “Fifth Avenue” of Mexico City, the Avenida Presidente Mararyk, and managed to draw luxury retailers such as Corneliani and Salvatore Ferragamo.
“Mexico has positioned itself to be the next great real estate destination for investors throughout the world,” said Jimmy Arakanji, another co-CEO of Thor Urbana. “Our mission is to capitalize on this impressive growth and create the next great retail landscape that will draw shoppers to Mexico for generations to come.”