Work begins on $350mn Costa Rica project

The developers of Bahia
Escondida have announced that construction is officially underway on its
master planned residential, resort and marina destination situated on
Costa Rica’s Golfe Dolce Bay in the resort town of Golfito.The
first phase of the $350 million project will include 75 condominium
units, the most complete state-of-the-art marina on the country’s
idyllic Pacific coast and a charming bayside village complete with
boutique shops, bayside restaurants, yacht club, spa, pools and more.

Construction crews currently are clearing the site and soon will deliver
backfill materials in preparation of a planned December groundbreaking.
The initial phase of the marina, which will include 86 slips, is
scheduled for completion in December 2007. The condominium units and
village are slated for a late 2008 completion.

“It’s incredible to begin watching our dream transform from concept to
reality,” said developer Jim Lynskey, a Miami native, who is partnering
with Las Vegas-based Great American Capital to create Bahia Escondida.
“This is one of the most magnificent locations in the world and we’re
excited to launch construction of our one-of-a-kind development.”

Priced from $300,000 to $800,000, Bahia Escondida offers one-, two- and
three-bedroom waterfront residences surrounded by picturesque views of
Costa Rica’s native rainforest and towering mountains. The low-rise
buildings will be integrated within the unique Plantation
Victorian-style village creating the quintessential destination for
those seeking luxurious amenities in a laid back lifestyle. Marina slips
ranging in size from 50 to 150 feet are priced from the mid $100,000s
and will include golf cart concierge service and a high-speed fuel dock.

Merging miles of picturesque beaches, national parks, rain forests and
world-class fishing, Golfito is nestled within the heart of one of the
most bio-diverse locations on the planet. National Geographic Traveler,
Costa Rica states, “The surrounding area of Golfito (Corcovado National
Park) has been labeled ‘The Crown Jewel of Rain Forests.’” The guide
indicates about one- tenth of all mammal species in the Americas live in
the park, including Costa Rica’s largest population of Scarlet Macaws
and Toucans and such endangered species as the Spider Monkey. It also is
one of the few places in the country where sightings of jaguars and
other big cats are common.


The area’s safe, natural harbor is located within the closest sheltered
bay to the Panama Canal and has long attracted mega yacht cruisers, avid
sports fishermen and luxury eco-travelers. Expert surfers also flock to
Golfito, where nearby Pavones is “legendary for what is ostensibly the
longest surf ride in the world,” according to National Geographic
Traveler, Costa Rica.

Now, Bahia Escondia is also luring vacation homebuyers and real estate
investors to this tiny town on Costa Rica’s inviting South Pacific

“Initial buyer response to the condominiums and marina slips was
overwhelming,” said Phil Perko, president of Digital Capital
International Sales Group, the project’s exclusive sales representative.
“That led us to redesign Phase I in order to include additional

As the home to Chiquita Banana, Golfito enjoyed a magnificent heyday
during much of the 20th Century. The city remains a paradise for
fishermen and eco-travelers, and Lynskey expects Bahia Escondida will
create hundreds of jobs and lead to a significant boom in the area’s
tourism industry.

“Golfito is a wonderful town and we’re honored and thrilled that Bahia
Escondida will help lead its rebirth and revitalization,” said Mayor
Aida Soto. “The project will provide a tremendous future for the entire
area. We look forward to visitors from various cultures around the world
coming to Golfito and sharing and enjoying our beautiful waterfalls and

Jim Lynskey is a pioneering developer with more than twenty years of
experience creating resorts and real estate projects throughout
Caribbean and Costa Rica.

Great American Capital is a fully diversified real estate development
company experienced in all facets of development including land
acquisition, site design, entitlements, construction, leasing, and
property management. In addition to building more than 2.5 million
square feet in retail and office space, Great American provides
investment capital to joint-venture partnerships developing mixed-use

When complete, Bahia Escondida will feature 217 marina slips and
approximately 400 hotel and condominium units. Phase II is scheduled for
introduction in 3rd quarter of 2007.

Bahia Escondida is accessible via daily commercial flights into Golfito
from San Jose, Costa Rica. Coral Gables, Fla.-based OBM International is
the project architect.