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The Peninsula Ixtapa

Canada
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The Peninsula Ixtapa

Hello. We will be heading to Ixtapa again soon and were wondering about the status of the construction on The Peninsula next to The Bay View Grand Marina. Last we heard there was a stop work order put in place due to too many floors being built. Has construction resumed? Just curious. Thanks everyone.

31 replies to this topic
Bonita Springs...
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1. Re: The Peninsula Ixtapa

According to "banned" who is there for several months and will post here on occasion, the project is still at a stand still with the exception a bit of finish work on some lower level units being done on the sly. So, if you pre-bought a unit, not so good. But if you're worried about the construction noise, you most likely won't hear any.

Canada
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2. Re: The Peninsula Ixtapa

Thanks Ted61. We were a little concerned about the construction noise, so that's good to hear from our perspective. We were also wondering if they started on the second arm of the project (extending straight out to the beach) and if the view north from the BVG would be blocked off already. From the sounds of things, they won't be progressing too quickly with that phase. Do feel bad for anybody that bought there though. Could be a long time to completion....

Chicago
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3. Re: The Peninsula Ixtapa

Doesn't look like there will be a 2nd building any time soon, if at all. A lot of the landscaping has been done including 25 + palm trees, on the oceanside and the pool is in and 1/2 way tiled. Not sure where it could go. If you can get a deal on BVG Marina north rental take it. Very quiet.

Edited: 07 December 2016, 08:13
Bonita Springs...
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4. Re: The Peninsula Ixtapa

It will be interesting to see how this plays out. This is a big development, much bigger than others that have failed in the past. And times are a bit different than in the past when building were started and never finished. Several reasons that these things fail are, investor money dries up, the owner/developer is corrupt and gets convicted or disappears, or as has been rumored in this case, the developer has violated a building code or the terms of his building design, setback or height approval.

In the past, because the cost of borrowing money in Mexico was (and still is) very expensive, many smaller projects were financed with investor cash to get started with the promise of more as the project advanced. As the Peso continued to devalue, these projects sky rocketed in cost and many investor walked away from them, either because they were out of money or did not want to risk more.

I'm guessing this one is a bit different. It probably has some big pocket international money behind it in addition to money from pre-sales. In that case it may just be a matter of time before things are worked out via litigation, compliance, payoffs or a combination of. If not, going to be a lot of little people losing their money and another partially unfinished building gracing the shoreline of Ixtapa.

Ixtapa, Mexico
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5. Re: The Peninsula Ixtapa

The site has been closed for over 5 months now. I have it on good authority that the problem is that they were permitted to build a 16 story project but built an 18 story one instead. I have been told that this is not an uncommon practice in Mexico, as the permitting agency cannot or will not monitor projects in process. At this point they have sold 32 of the 156 units in the first phase but the likelihood of phase 2 ever being built is slim at best. The best guess is that work will resume very soon. The solution seems to be a merely a matter of money, how much and to whom to pay to get a waiver to continue.

Chicago
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6. Re: The Peninsula Ixtapa

Update- Spoke with a business associate this weekend, and found out the " fines" have been paid and the work can resume, for now. Also, there is a deadline for completion. I observed some construction equipment already arriving. Never buy during the construction phase. ie. The BVG Marina took quite some time to complete.There is always a delay.

boston,ma
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7. Re: The Peninsula Ixtapa

This reminds me of the Sotavento project which it appears dead in the water. Any word on the situation there?

Zihuatanejo, Mexico
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8. Re: The Peninsula Ixtapa

It appears that nothing is happening. Just the new signs from last season. I never see anyone from the road view nor from the beach.

Edited: 12 December 2016, 21:46
La Prairie, Canada
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2 reviews
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9. Re: The Peninsula Ixtapa

Hello everybody BAD NEWS on 12 December Peninsula second section is starting

They are cleaning the ground to dig .the big machinary will arrive in January .we d ont knew how the second part will look like We are sad too we are on the north side and the noise and dust are there

Bonita Springs...
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10. Re: The Peninsula Ixtapa

I feel sorry those who bought North side units In the BVG Marina and will have a big part of their Northern view destroyed. Pretty much what happened to the North side hotel units of the Dorado Pacifico.

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