Cancun

A DESERTED ISLAND

                                   

                   Four decades ago, Cancún was a deserted island and few even knew of its existence.


Located in a nearly forgotten region of the Caribbean, it consisted of a series of sand dunes in the shape of a number "7" -some parts of which were only 20 meters (66 ft) wide- separated from the mainland by two narrow canals that opened out on to a huge lagoon system.


The coast was comprised of marshes, mangroves, virgin jungle and unexplored beaches. Even its name was not clear: some maps called it "Kankun" (a single word written with the two "k's"), which means "pot of snakes" or "nest of snakes" in Maya.


However, in the first Infratur documents (a government agency existing prior to the creation of Fonatur), it is written as two words, "Kan Kun," and occasionally, "Can Cún" (in its Spanish form). The current name of "Cancún" is a natural phonetic development that facilitates pronunciation... or maybe it developed by mere chance.

THE MASTER PLAN

The Cancún Project was officially approved in 1969, but didn't begin until January, 1970, when the first Infratur technicians arrived. The initial objectives of the project were to open up a road from Puerto Juarez to the island, design a Master Development Plan and build a provisional air strip (located in the area designated for city development, at the site of present-day Kabah Avenue, in front of the Ecological Park).

The basic Master Plan called for three items:


1) build a tourism zone without permanent residential areas, like a tourism corridor (given the characteristics of the land itself), with hotel installations, shopping centers, golf courses and marinas;


2) build a residential zone for permanent residents. In other words, an integral city, in the northern part of the territorial reserve, with residential and commercial areas, roads, public buildings, schools, hospitals and markets; and


3) build an international airport to one side of the Cancún-Tulum highway (under construction at the time), on the mainland south of the island.


           

Hotel Zone development was, in turn, divided into three phases. The first comprised the area from BahÌa de Mujeres to Punta Cancún and the coast up to the inner limit of Bojorquez Lagoon; the second phase ran from Bojorquez Lagoon to Punta Nizuc, and the third from Punta Nizuc south, to the limits of the territorial reserve.


Design and segmentation of the Hotel Zone followed the concept of "supermanzanas" (subdivisions), architecturally known as the "broken plate diagram": huge city blocks, separated by large avenues. 

The infrastructure projects for drinking water (sink 16 wells, at a distance of 30 kilometers / 18.6 miles), sewerage (dig more than 100 kilometers / 62 miles of ditches for sewers connected to a treatment plant) and electricity (bring in power lines from Tizimin, Yucatán, 150 kilometers / 93 miles away) cannot even compare to the scope and difficulty of the engineering projects required to create the Hotel Zone.

The equivalent of 240 hectares / 593 acres of topsoil was brought in by trucks: 100 (247 acres) for the golf course, 60 (148 acres) for lot 18 A and 60 for the area surrounding the El Rey ruins and fill for over 80 hectares /198 acres (65 ha / 161 acres to widen the island and 15 ha / 37 acres for the airport road).

The first hotels opened in 1974 (Playa Blanca, Bojorquez and Cancún Caribe); the international airport was inaugurated with 2,600 meters of runway and operating capacity for wide-cabin airplanes; and Infratur and Foqatur government agencies were merged to form the National Foundation for the Promotion of Tourism (Fonatur).

   


The same year, Quintana Roo was granted statehood and the Cancún project (under the Isla Mujeres district government) became part of Benito Juarez district.

From 1989 to date, Cancún has been the nation's most dynamic city. It contributes a large percentage of Mexico's tourism-related revenue and accounts for much of Quintana Roo's gross domestic product. There are currently more than 500,000 inhabitants in the urban area. Cancún has become the country's largest tourism resort and is the most prosperous city in the Yucatán Peninsula. It is also the Caribbean's premier destination, surpassing even the Bahamas and Puerto Rico. Visionaries and Investors that sized the early opportunity were able to get lots of 2 to 5 hectareas (each hectarea = 10.000 sq. meters) for a few dollars each Sq. Meter.

Today the last piece of land with a "AAA" beach in the hotel zone is available for sale; 2.5 hectareas of exclusive location with all services and authorized to buil a 323 Diamond Hotel Rooms or 224 Luxury Condominiums, the price: $ 39.000,000.00 (Thirty Nine Million US dollars) Accordingly to the owner, its a firm price, the land is ready for development.

But the future is promising, you could get a piece of paradise. Now we have Puerto Cancún, a huge, deluxe marina with low-impact hotels, is projected for development north of the Hotel Zone. To the southwest, toward the airport, more hotels, golf courses and a modern hospital are scheduled for construction. In addition, major resort development is contemplated for the 131-kilometer / 81 miles Cancún-Tulum tourism corridor.

Located within the Bay of Isla Mujeres, Puerto Cancun is adjacent to downtown Cancun and the hotel zone on the last stretch of untouched oceanfront. 

The last undeveloped region in Cancun will soon be home to one of the largest residential developments in the Mexican Caribbean. From 2005 a five-year project, with investment totals exceeding $1 billion dollars should be ready in 2010. Puerto Cancun will include over 2,100 luxury condominiums and apartments, a Tom Weiskopf Championship Resort Golf Course, a full service mega yacht marina, over 435 gated single family residential lots, five resorts, a business park, and a shopping center. Occupying over 808 acres, once complete, Puerto Cancun will be a private residential, sporting and resort enclave situated along the water’s edge.

	Golf Club Ecological reserve Marina Commercial mix Services Single family residential area Commercial area High density residential area Medium density residential area Offices Hotels Club house

HOW TO BUY IN CANCUN:

Acquisition of Land, Houses or Condominiums Located in the State of Quintana Roo, Mexico by Foreign Individuals or Companies

For historical reasons, Mexican law establishes restrictions on foreign individuals or companies that acquire real estate within a 100 kilometer (60 mile) strip of the land along the country’s borders and 50 kilometers (30 miles) from coastal areas. However, there are several legal mechanisms through which these foreigners may use and dispose of this real estate as their own property with the minor limitations and procedures that are described as follows:

Trust
Foreign individuals or companies may hold property through a trust contract signed before a Mexican notary public, designating a Mexican credit institution such as a Bank, Insurance Company or Bond Company as Trustee, who will hold title to the real estate for the duration of the Trust: 20, 30, 50 or even 99 years. These trusts are indefinitely renewable for similar periods of time, if you so wish. The foreign individual or company is designated as the trust beneficiary with practically all the attributes of an owner since they may use the property without limit, rent it or even sell it by instructions issued to the trustee and the property is immediately conveyed to the new owner.

Fees must be paid to the Trustee to set up the trust and the Trustee also charges yearly administration fees, which in practice are not very high, but depend on the property’s value.
Condominiums and villas are sold through this legal figure in what is known as the fractional system, by which up to 12 persons may acquire a property for life, and may even designate substitute trust beneficiaries as their heirs.

Trust Costs

• Acceptance of the Trust by the banking institution $450*
• Annual fees $550*
• Authorization from the Secretary of Foreign Affairs $1,415*
• Filling the agreement with the National Registry of Foreign Affairs $335*

*Aproximate prices.

Mexican Company
Under the terms of recent reforms in legislation regarding commercial entities, a Mexican corporation with 100% foreign capital may acquire fee simple title to property in the restricted coastal areas, especially in the state of Quintana Roo. The partners of said corporations have unlimited use of the property and may rent or sell it through the corporation.

Remember, if you are planning to own a piece of paradise we are here ready to help you. Call Us Now!