Real estate project Nya shows 85% progress in earthworks and expects to start construction by the end of the year

by | Sep 17, 2022 | News | 0 comments

Key Facts

  • First stage includes 26 hectares with residential condos, commercial and restaurant areas, a lagoon with Crystal Lagoons® technology and road works.
  • Once vertical construction begins, it will generate 800 direct and indirect jobs.
  • Investment for this first phase is of $125 million.

Nya, Guanacaste, Costa Rica

Nya, the mixed-use real estate development that is being built in Liberia, Guanacaste, shows an 85% progress in the earthmoving process and it is expected that the vertical development will begin its first stage of construction by the end of this year, after the approval of the permits in progress. The company estimates that employment generation will be around 800 jobs: 500 direct jobs through the construction company and 300 more indirectly.

 

The project, which started earth movements last March, was part of the presidential tour in the province of Guanacaste. As part of the visit, the President of the Republic, Rodrigo Chaves, Vice President Stephan Brunner, the Ministers of Tourism, Commerce, Communication and Science, Innovation, Technology and Telecommunications, as well as other government representatives, deputies, and several mayors of Guanacaste.
 
“Nya means “tree” in the Chorotega language. The name could not be more appropriate. This Project symbolizes that the wall can coexist with the tree, that a roof does not have to cover the sky, that development can, and should, be intertwined with the well-being of the planet,” said President Chaves Robles.
Manuel Freer, CEO of Nya highlighted that this real estate project is being developed in a 900-hectare area and it will be carried out in stages. “This first phase covers 26 hectares, which includes the construction of 3.5 hectares of the first crystalline lagoon in the country with Crystal Lagoons technology, a village that includes the commercial and restaurant area, the sports and wellness center, road improvements and a first residential phase with 364 units”, explained Freer.
 
Another key component for this stage is the road and infrastructure improvements that will be developed for access and widening of National Route 21, currently in the final approval phase by the Ministry of Public Works and Transportation. The investment to be made is of approximately $2 million dollars.
 
Freer also explained that they already have environmental viability from SETENA, both for the residential and commercial part, as well as for the free trade zone. Likewise, they own water concessions and maintain in operation a concession for the pit located on the property.
 
“NYA ́s rapid progress in these 4 months demonstrates the favorable impact that Foreign Direct Investment (FDI) generates in communities as an engine of economic reactivation, thus boosting the generation of formal and quality job opportunities as well as productive linkages within and outside the province. Although tourism exports have grown at an average annual rate of 6% during the last 20 years, articulated efforts are required to bring the country to pre-pandemic numbers and even boost them.
 
At CINDE we believe that FDI is one of the ways to achieve this goal, favoring Guanacaste and the whole country in general,” added Eric Scharf, president of the CINDE Board of Directors.
 
Paula Bogantes, Vice Minister of Foreign Trade, added: “Historically, the tourism sector has been one of the main engines of the Costa Rican economy and thanks to the CINDE-ICT agreement, we have been able, from the foreign trade sector, to support the promotion of tourism infrastructure projects. Nya is the result of the hard work that has been done under this agreement to create an impact on employment generation throughout the country. We are complying with one of the priorities of the foreign trade sector, which is the promotion of investment outside the GAM as a reactivator of the economy, so that more and more companies find in these locations the optimal conditions for investment and employment generation”.
 

Experienced Partners and Developers

Nya is developed by Grupo Do It, and Urban Partners as co-developers, EDICA Ltda. as general contractor, PEDREGAL will be responsible for the first stage of infrastructure, MultiFRIO will be in charge of air conditioning, and several international investors. The group has decades of experience in real estate development.
 
John Scheman, President of Nya, reinforced that this is a real estate development that estimates a total long-term investment of around $1.2 billion. The project will include, in a second stage, a 150-key Courtyard Marriott hotel, a 77-hectare free trade zone -of which 40 ha correspond to industrial buildings-, and other components that continue to be analyzed for incorporation in the following years.
 
Gensler, DEHC and Daniel Lacayo Arquitectos are three long-standing business partners, who oversee the master plan design, the infrastructure design and the design of the residential condos and commercial area, respectively
 
WATCH A SHORT VIDEO OF THE VISIT

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