12 August 2008 174 views No Comment

Located off the Bay of Isla Mujeres along Avenida Bonampak, Puerto Cancun is at the elbow that joins the hotel Zone to the City of Cancun. The development, which has been mired in political and financial struggles since its inception over 15 years ago, is slated to have 2100 luxury apartments and condominiums, a Tom Weiskopf golf course, a 300-slip marina for yacht owners, over 400 single-family homes, hotels, offices and shopping centers. Covering an area over 300 hectares (800 acres), this area is set up to be its own community and not just another resort area residential development.

As previously mentioned, this development has seen more than its share of bumps along the road to construction. Between conflicts among different levels of city, state and federal governments regarding proper legal land usage and protests by environmental groups opposed to the development of the mangrove wetlands, many thought Puerto Cancun would be another bankrupt cautionary tale like the monorail system or the proposed bridge over the lagoon to ease traffic in the Hotel Zone.

On August 8 of this year, a special commission appointed by the current municipal government found irregularities regarding urban density numbers as well as the construction of roadways in and out of the project that could affect neighboring residents. If found in violation of the original project plan approved by past city administrations, developers face hefty fines and further delays. All of these hurdles notwithstanding, building is progressing at a lively pace–especially in the last six months.

The skyline at the edge of the city is changing, from low jungle scrub foliage to a massive manicured entry and high-rise modern concrete towers with Euro-Mexican-American names like Isola and Diomeda. A surprising amount of buyers for these properties are Mexican. The weakening of the U.S. dollar has made property (not only in Cancun, but in much of the Yucatan) extra-attractive for nacionales (Mexican nationals) and locals who have waited for an opportunity to buy dollar-denominated real estate in Cancun and the Riviera Maya. Proximity to the International Airport, sunny weather and modern infrastructure and city services are enjoyed by nationals and foreigners alike, looking for a taste of paradise without losing the comforts of home.

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