Thor Urbana Capital, a joint venture between Thor Equities and Mexican developer GFa Grupo Inmobiliario, will invest $500 million into redeveloping real estate across Mexico, according to a company release. The first project will be a full-block development along Playa del Carmen’s Quinta Avenida, Spanish for Fifth Avenue, with high-end retail presence.
“Mexico has all of the favorable conditions to lead to a significant real estate boom largely unseen in developing markets to date,” said Thor Urbana Chairman Joseph Sitt.
The joint venture received the $500 million investment from a Canadian institutional investor, whose name the release did not disclose.
“Across the country, and particularly in destination areas,” said Thor Urbana co-CEO Jaime Fasja of Mexico, “there is a growing hunger for moderate- and high-end retail, restaurants and other development.”
The Quinta Avenida block development will include restaurants, a fitness center and international high-end retailers. Though names were not mentioned, the release says the retailers will join Hugo Boss and Armani Exchange, which are already on the avenue. — Zachary Kussin