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Dispute raises questions about Arizonans’ land investments in Sonora
Tagged: Arizona, border, MexicoPosted on: November 25th, 2007
Arizona investors have poured tens of millions of dollars into beachfront homes, hotels and land in Puerto Peñasco, Mexico, only to see their cash swallowed up by developers who never built the projects.
The issue is raising questions about the security of property investments south of the border, and Arizona’s two U.S. senators sent a letter of complaint to the Mexican ambassador.
The development in question, known as Playa Norte, or North Beach, lies at the end of a dirt road about 12 miles from Puerto Peñasco, or Rocky Point, in the state of Sonora. It has a projected value in the billions of dollars and covers 7,500 acres.”*
Curation from Tomás
Filed Under: 1. Hispanic News, Business, Business News, Real Estate
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