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News for the Hospitality Executive |
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Rockingham Asset Management Begins Construction on Liberty
Cove, a $50 billion
Destination Resort Located on Sea of Cortez in Sonora,
Mexico
| LOS ANGELES - September 19, 2007 - A milestone was reached
this week for the largest single real estate development in all of Mexico,
as men and machinery converged to break ground at Liberty Cove. Phase One
of the $50 billion development has been in the planning, entitlement and
pre-construction stages for the past five years. Efforts by Rockingham
Asset Management, master developers of Liberty Cove, culminated in the
initial construction of the project�s main thoroughfare, which will transect
nearly eight miles of property from the main road to the shores of the
Sea of Cortez, where fifteen miles of uninterrupted oceanfront define this
unique development.
�It truly is an exciting day for us,� exclaimed Craig Ricketts, Chairman and CEO of Rockingham. �This is going to be the most significant development south of the U.S. border and beginning construction on our main road opens an important chapter in our development story. Liberty Cove is currently enjoying a lot of �firsts,� but few are as significant as receiving our grading permit and actually breaking ground.� Liberty Cove, located north of Puerto Libertad in Sonora, Mexico, is
the largest single land development south of the United States and is an
easy drive from the major metropolitan centers of Los Angeles, San Diego,
Phoenix and Tucson. At 46,500 acres, with fifteen miles of unobstructed
coastline and three distinct mountain ranges, it will become Mexico�s largest
destination resort community. Developers believe that at build out, Liberty
Cove will exceed the success of resort destinations such as Cancun and
Cabo San Lucas, in large part due to the extensive master planning efforts
that are preceding any vertical development.
 Rockingham is planning the most environmentally responsible project of its size in the world. Leading technologies are being engaged to realize optimal savings in every area of infrastructure development, including energy production and consumption, waste management, potable and non-potable water and vehicular traffic. Rockingham is planning every aspect of the project to achieve as near a �zero-carbon footprint� as possible. Major aspects of development are progressing with an eye to compliance to LEED and other green-certification protocols. Ricketts added, �We are literally leaving no stone unturned in talking to the most creative minds on the globe for the purpose of identifying viable methods and technologies to set this project apart from any other. We clearly have an advantage in our comprehensive master planning approach and in our close working relationship with the Mexican government, which is thoroughly dedicated to correct environmental practices. Working together (Mexico and Liberty Cove), we will become the standard by which other projects are measured.� Phase One of Liberty Cove consists of a ranch lot program (to be launched at the end of 2007), a beach club, boutique seaside commercial village, a signature golf course and associated facilities, a saddle club with extended equestrian facilities, including competition grade polo grounds, a boutique hotel, tennis club, condominiums, an on-site medical facility and a safari club designed to take advantage of the varying topography as well as the burgeoning interest in adventure travel and eco-tourism. All facilities are being entirely master planned to American and European standards, by GMA of Newport Beach, CA, master planner. The Costera, Mexico�s federally funded coastal highway, is currently under construction and is on schedule to be completed through Liberty Cove by the end of 2008. The project is easily accessible by well-paved and well-maintained roads from Los Angeles, San Diego, Phoenix, Tucson and Hermosillo. Subsequent phases of Liberty Cove will include world-class marinas capable of servicing all types of marine craft, including mega-yachts and cruise ships; every type of residential product suitable to resort living and hospitality venues that span the size and function of Las Vegas-type accommodations to European styled boutique hotels. Touted as �the Monaco of the Americas,� Liberty Cove will also sport a multi-lane roadway that snakes through a terraced resort village to the water�s edge, similar to the Le Mans courses of Europe and designed to capture the world-wide interest in auto racing. Liberty Cove has retained Davy Jones, internationally known race car
driver, to design a number of racing facilities, including a track capable
of featuring both open-wheel and NASCAR style racing. Jones� career wins
include Le Mans, Indianapolis and Monte Carlo.
Additional excitement from the Calderon cabinet has encouraged the planning of a world-class athletic training and competition complex, which will provide athletic opportunities in every sport for young people, ranging from soccer to track and field, aquatics, equestrian and extreme sport competition. When completed, this complex alone will make the community a �must see and experience� for international travelers, media and residents of Liberty Cove. Liberty Cove is working with the local, regional and federal governments to prepare for the enormous economic and social impacts a project of this scope and size will have on the area. Rockingham formed Amigos en Libertad over three years ago to engage the local community in dialogue concurrent with the development process. A new fire truck was donated to the village of Puerto Libertad by Amigos and plans are currently underway for a community-wide beautification program, in keeping with the progressive new environmental initiatives of President Felipe Calderon. ABOUT LIBERTY COVE:
ABOUT ROCKINGHAM:
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| Contact:
Rockingham Asset Management
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