August 18, 2004
Prepared by:
Golfito Resort DevelopmentProject Proforma
Project Overview &Land Assemblage
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Location MapGolfito, Costa RicaCOASTAL SYSTEMS
INTERNATIONAL, INC.
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GolfitoResorts
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I - General Project Description
Golfito, located on the pacific coast of Costa Rica presents a unique opportunityfor resort/tourism development. This small town is located on the first natural
harbor north of the Panama Canal and is adjacent to world-renowned sail fishinggrounds. The town possesses a special heritage, as it was established in the 1950's asthe site of the United Fruit Company's headquarters; much of the original town plan-ning, architecture and atmosphere still exists. Economically the community has strug-gled since the closure of the United Fruit Company's operations, and tourism develop-ment has been hampered by the fragmentation of waterfront properties.
The initial development will consist of several key components among them a revital-ization of the waterfront area centered around a new sport fishing marina to create apedestrian-only village. The village will incorporate the marina, condo/hotel units,adapted retail space and residential units. The existing architecture will be employedto create an authentic experience. Further, the existing pier will be revitalized andtourism infrastructure upgraded to provide cruise ship berthing and eco-tourism shoreexcursions to the biologically important Osa Peninsula.
Future phases will include a more exclusive resort concept to be developed on theisland across the bay from the waterfront, approximately 10 minutes by water taxi.This exclusive resort will consist of a five-star hotel, accompanying marina and low-density "eco" marina condos and tree-top villas. The island is covered with rainforestand nature trails and interpretative tours will be offered. Finally, a site 5 km from thewaterfront offers an ideal land bank for further phases of residential developmentincluding a golf course.
Golfito, Costa RicaCOASTAL SYSTEMSINTERNATIONAL, INC.
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Regional Tourism Study
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I - Land Assemblage Description
Regional Map
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Marina Village & ResortExclusive Island ResortExecutive Airport and Urban CoreLa Gamba Sporting Complex and Eco - Village
Legend1
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GolfitoResorts
for project region see following page
see page 5
Golf i to Resort Development Projects
Golfito, Costa RicaCOASTAL SYSTEMSINTERNATIONAL, INC.
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Golfito Marina Village & Resort
Exclusive Island
Marina Village & Resorts
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II - Marina Village
The old waterfront industrial area within a proposed historical preservation districtis to be re-developed as a small urban town center with pedestrian-scale, well-
proportioned streets, and harmonious groupings of residential and commercial build-ings. Buildings heights will vary between three and four-stories around the town cen-ter plaza. The architecture of the new town will complement the historical characterof the original buildings. The new town should achieve a certain civic intimacy andsmall town neighborhood-feel.
The town center will be anchored by a plaza adjacent to the pier entrance and marina.This plaza will serve as the gathering area for events and festivals or simply an eveningstroll to local restaurants and stores. A pedestrian-scaled "main street" will extendnorth to the proposed 250-room waterfront hotel. The main street will be flanked onthe waterfront side by condos/hotels with retail space at street level and residentialunits above. The waterfront side of these buildings will have a marina-front prome-nade and smaller plazas for people to stop and enjoy the ambiance.
Other significant features of the town will include the cruise ship pier and a 200-slipmarina, supporting the sports fishing and yachting community. Given the local CostaRican market, opportunities exist for constructing dry dock storage for smaller boats.This facility may be constructed on the property to the east of the cruise ship pier.The pier itself may also be improved to include a two-story restaurant with commercialstores at pier level to accommodate future cruise ship passengers.
The main street will continue north beyond the commercial core into a greenbelt andpark with water features, trees and botanical gardens. This area of the town will trans-form into a pure residential district with condominiums fronting the park along themainland and single-family residences proposed on a newly constructed island offshoreof the park.
The Project Scope includes the development of approximately 40 acres, in severalphases which include redevelopment of an existing pier, waterfront residential andretail development, a peninsula resort, all of which will total 220 marina slips, 250hotel keys, 480 condo/hotel and residential units and 150,000 square feet of retailspace. The development costs are projected to be over $200 million over the next ten years.
The development program consists of several phases. The initial phase will create astrong positive cash flow as well as develop a solid infrastructure foundation for futuredevelopment. The high demand for marina slips in the Golfito region will be met by a
rapidly deployed 100 slip floating dock marina complete with amenities including ayacht club, dockmaster's office, laundry, internet, restrooms, ship's store, fuel dock andboat ramp. The proposed infrastructure improvements include the reclamation andshoreline stabilization of approximately 10.0 acres of waterfront lands, improved roads,clearing and demolition, and the installation of new sewer, water and electrical mainsthroughout the site. To prepare for the sales of condo/hotel units a space within theyacht club will be utilized as a sales center and as lodging for buyers, a promotionalcampaign with an international resort marketing firm will be initiated in this phase.
The projected development cost of the initial phase is 16.6M. This includes the costto complete the land acquisition, to complete the permitting and planning of thepeninsula and interior lands, to establish a sales center and marketing program, and toreclaim the marina lands, make infrastructure improvements and construct the first100 slips of the marina. Construction of Condo-Hotel units will be commenced oncea 50% sales level of each block has been achieved.
Golfito Marina Village Renderings
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Marina & Waterfront PromenadeCentral Square - On the Waterfront
Central Park
Golfito Exclusive Island Resort
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Golfito, Costa RicaGolfito, Costa RicaCOASTAL SYSTEMSINTERNATIONAL, INC.
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Master Plan - Exclusive Island Resort
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III - Golfito Island
The island lies across the bay from the waterfront village, to the southwest of thetown center, and is accessible by a ten minute boat ride. In contrast to the
pedestrian-only village, which is more public, the island resort will focus on seclusion,tranquility and proximity to the rainforest. The island resort will be anchored by a 120key five-star hotel and spa, and spa as well as the capacity for a 200-slip marina. Thisfive-star hotel will support additional residential development including 95 privatelyowned treetop villas, and 80 marina front condominiums. The natural ecology of theisland will be preserved and will be an important theme of this exclusive resort.Nature trails will be constructed throughout the resort providing access to the exten-sive rivers and waterfalls within this facility. The island will be free of vehicular trafficand will cater to exclusivity while offering ease of access to Golfito by water taxi
Most of the land is steep primary rain forest as a result only a small fraction of the landon the island is developable. The properties under control include most of the Easternface of the island. The development philosophy is to develop the existing clear flatland near the coast around a marina and to preserve the rainforest behind. A systemof nature trails is proposed as well as single-family tree-top residential units within therainforest canopy.
The development program consists of two phases. The initial phase will bring electric-ity, potable water and sewage collection to the island by means of an undersea cableand pipeline. The marina and hotel will be created facing the town of Golfito.Additionally a roll-on/roll-of pier will be constructed for the staging of constructionmaterials and equipment, which will eventually become the water taxi station.
Renderings of Exclusive Island
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Five Star Island Resort
Five Star Island Resort
Development Strategy
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Phasing Plan
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Golfito Marina Village & Resort
Conceptual Project Schedule
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Project kick-off
Demolitions / Site clean up D C
Sales Center D C
Marina
100 slips Design
50 slips Design
50 slips Design
Condos
80 units Pre-Sales Final Sales
120 units Design Pre-Sales Final Sales
120 units Design Pre-Sales Final Sales
120 units Design Pre-Sales Final Sales
40 units Design Pre-Sales Final Sales
Hotel
50 keys
100 keys Design
100 keys Design
Private homes
11 units Design Pre-Sales Final Sales
11 units Design Pre-Sales Final Sales
Commercial & Entertainment
Marina Yacht Club / Sales Center Design
+ 500 m2
+ 5,000 m2
+ 3,000 m2
+ 3,000 m2
+ 2,000 m2
Cruise ship Pier & Retail
Operation
Operations
Operations
Design / Permits
Construction
Design / Permits
Description 2004 2005 2006 2011 2012 2013
Operation
Operation
Operation
2007 2008 2009 2010
Construction
ConstructionMarina Business
Capitalized
Operation
Construction
Design / Permits Construction
Hotel Business
Capitalized
OperationConstruction
Operation
Construction
Construction
Construction
Construction
Design / Permits Construction
Construction
Pier CapitalizedOperation
Construction
Construction
Construction
Construction
Commercial &
Entertainment
Business Capitalized
Operation
Operation
Operation
Construction
ConstructionDesign / Permits
Design / Permits
Design / Permits / Concession
Design / Permits Construction
Construction