APPROVAL TO SUBDIVIDE CAYO GRANDE ISLAND – BELIZE
We are excited to bring you an update on the significant progress being made in our Cayo Grande Island Syndication in Belize.
In early 2019, we acquired a 30-acre private island located adjacent to the heart of downtown San Pedro on the island of Ambergris Caye, Belize. Our acquisition price was $4M, against an appraised valuation of $9.3M.
The intention was to entitle and permit the island, and then for it to be sold to a 3rd party developer. The “value-add” would be in our having the property entitled with Dept. of Environment approval, prior to sale.
We are delighted to announce that we have not only received Provisional Approval to Subdivide for the island as a whole to be developed, but we have actually received approval for a complete 130 lot subdivision to be subdivided and separately titled. The provisionally approved plan is complete with roads, open spaces, canals and natural barriers.
This approval process was a collective effort involving the Ministry of Natural Resources, the Land Utilization Department, the Department of the Environment, and the Lands Commissioner, as well as the tireless effort of our own team.
This is above and beyond what we had originally planned and will give us a much more valuable and marketable asset to sell to a developer.
Provisional Approval was granted last month and it’s important to note that there were no contingencies attached.
Therefore, with no contingencies to be removed, Final Approval is an administrative process, and matter of our following the prescribed order of events.
So, what are the next steps in that process?
First up, Surveying starts in 3-4 months. We will be using the same surveying company that our partners in Belize have been successfully using for almost 20 years now.
The Surveyor informs us that the surveying process will take approximatey 2-3 months to complete.
Then it goes to Mapping, which is a department within the Lands Registry, within the Lands Dept. for the Government of Belize. This is where the new surveys are checked and cross-referenced against all recorded survey maps and titles to ensure there are no overlaps or discrepancies. This process takes about 1 month.
Next, it goes to LUA (Land Utilization Authority) for Subdivision (or “Mutation”) of Title. This process takes approximately 2-3 months, after which we will have individual titles in hand for each and every one of the 130 lots on Cayo Grande Island.
As we get closer in time to this final stage we will begin to market the island for sale, as a fully developable subdivided island of 130 lots.
There is a great deal of satisfaction attached to the progress being made in this unique and exciting project. We are ahead of schedule as to the entitlement process as a whole, and more significantly, we are also overdelivering on what we set out to accomplish by way of entitlements for the island.
This is a huge benefit to our investors, as we will be going to market sooner than anticipated, and with an island that is far more valuable to a 3rd party developer, then one that merely had permitted approval to develop.
Some people said it could not be done! Many probably doubted it would be possible. And certainly no one had reason to believe we would be so successful in getting approval for a complete subdivision of the island, and subdivision plan allowing for 130 separately titled properties.
Based on the previous experience of our partner, John Turley, and his affiliates, in the successful approval, subdivision and development of similar properties in the region, we were always supremely confident that we had the right team on board to get it over the line.
We just did so much faster, and in a much grander fashion, than even we had anticipated! We really feel that this has turned into a home run for all of our investors.
Congratulations for hitching your wagon to our team of horses!
To our Cayo Grande Island investors, an email will be coming your way with a package that includes the official letters of Approval and the corresponding Subdivision maps for the 130 lots.
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