Investment And Growth In Loreto Bay Thriving

The development of Loreto, located in Baja California Sur State on the Sea of Cortes, is thriving thanks in part to active private investment, announced the Loreto Bay Company during a news conference held at Tourism Tianguis 2006. The Loreto Bay project seeks to convert the sleepy seaside village of Loreto on the Sea of Cortez into a major tourist destination, with special emphasis placed on environment protection and sustainable development.

To date, more than 600 homes have been sold, generating nearly US$300 million in sales. Of the 600 homes sold, 300 are currently under construction and 40 are already occupied, with residents enjoying the 3.5 miles of beach front Loreto Bay offers.

One percent of the revenue obtained through the housing sales is donated to the Loreto Bay Foundation, a non-profit dedicated to serving the economic and social needs of Loreto. Among other uses, the foundation has helped fund improvements to the town's hospital and to spur economic development.

The region's development has also resulted in a marked increase in tourism in 2005. To better accommodate the arrivals, the Inn at Loreto Bay, formally known as the Camino Real Resort, is undergoing an extensive renovation process. Visitors that prefer to stay in a vacation home can rent one-, two- and three-bedroom villas in The Villages of Loreto Bay. Reservations start in fall 2006.

The Loreto Bay Company is working with Fonatur, the development arm of Mexico's Tourism Secretariat (Sectur) to develop one Loreto, of Mexico's five Integrally Planned Resorts (IPRs). Mexico has long set the standard in IPRs since Fonatur's inception in 1974 and is responsible for conceiving, planning and building of Cancun, Los Cabos, Ixtapa and the Bays of Huatulco, in addition to the Loreto Bay project.

Loreto Bay is the closest IPR to the United States and the largest sustainable community in North America. The ecologically sensitive building techniques used in the development of the project's infrastructure inspired "Building with Adobe," a learning vacation that provided visitors with the opportunity to study the use of adobe and compressed earth block as a building resource. The Loreto Bay Company will be introducing other similar ecotourism products in the future.

Loreto, settled by the Spanish in the 17th century, was the original capital of all the Californias. The concept for Loreto Bay is to go back in time 300 years and as such, and as such, the area does not permit cars. Fonatur first targeted it for development two decades ago.

For more information visit www.loretobay.com.