The Monterrey company ‘Misión Obispado’ will invest 5 billion pesos (254.3 million USD) to develop more than 4 thousand homes in Mérida and Ucú, Yucatán.
In addition to these two, they will have more projects in northern Merida in about three years.
Monterrey developers who are members of the National Chamber of the Housing Development and Promotion Industry (Canadevi) are interested in investing in the city of Mérida, according to a representative of this group Miguel Ángel Cañazo Cantú, general director of “Misión Obispado“.
“Several of our partners are interested in going to invest in Mérida, so it is a chain where one usually arrives first and confirms the feasibility of the business, then the the rest of the developers just “cascade” in” he said in an interview.
The Monterrey based Real Estate company “Misión Obispado” is a mixed-use housing developer, who has carried out projects in that city, as well as in Querétaro, Playa del Carmen and San Antonio, Texas; and now it will invest 5 billion pesos to develop more than 4 thousand homes in Mérida and the conurbation municipality of Ucú, generating 500 direct and 1,500 indirect jobs.
Cañazo Cantú announced that they have been working on the permits for these projects for two years already, and the construction works in Mérida will begin this year and the development in Ucú will start next year. Finally, in five years they plan to complete the project.
The director of the family business that was established more than 40 years ago in the northern state of Nuevo León and currently has more than 25 ongoing projects, said they chose Yucatan as the headquarters of their next real estate adventure because they believe that in Mérida there is the safety and peace that was long lost in Monterrey, In addition to legal certainty, political stability and good workmanship.
“Here in Monterrey we lost security about 15 years ago and we missed it a lot, so we see that it is a very important asset, which is a value that a city should never lose and is basic of a city’s growth. We also see that Yucatán has political stability, it has legal certainty, there is great workforce, and good suppliers. ”
He also mentioned that they welcome the state government’s push to attract investment to Yucatan.
“For us it is very important that we are welcome to the states to which we are going to invest.”
The development in Mérida is called Punta Esmeralda and will be located in the eastern zone, on a plot of more than 50 hectares. It is a mixed type development with homes from 750 thousand pesos to 1,400,000 pesos, and will also have specific business areas, green spaces, baseball field, horizontal homes and a shopping plaza.
Cañazo Cantú added that they estimate that the last permits will be concluded in a couple of months. While the Ucú project will be called “Ciután” and is less advanced; but he announced that it will be an area of about 55 hectares, very close to Ciudad Caucel, to the west of Mérida.
In addition to these two, he said they are planning more projects of vertical mixed use developments in the northern area of Merida.
“We have vertical development projects with mixed uses that later, maybe in three or four years, we can start developing in the city of Mérida,” added the general director of “Misión Obispado”
According to the architect, his bet is to provide their clients with modern design, alternatives in the use of spaces, finishes and quality of life at low cost, with equipped parks and recreation areas. He said that in Mérida they have not yet seen developments with these characteristics in the middle class residential range.
The Yucatan Times Newsroom