In Loreto Bay: 2008 A Year of Change and Optimism

    2007_11_29_loreto_0181 Since we landed at little Loreto airport, despite the cloudy skies and Loni’s “red light” check at customs, I sensed optimism about the changes afoot here within the Loreto Bay development.

    Talking to homeowners, LBC staff, locals, business owners, and others throughout downtown Loreto and at the development itself has painted a picture of an early pioneering experience beginning to grow-up to the next level.

    Remember this would be considered a large development in the US or Canada, let alone in a small fishing village on the coast of Baja with minimal infrastructure and often slow, confusing processes for permitting, hiring, and working with local and federal Mexican governments. However, the shared vision of sustainability, a community that fosters social ties, and the support of local businesses and the town of Loreto itself, is driving thie project forward.

    Not to forget, of course, the most important change in 2007: the new majority investment owner Citibank. The good news: financial muscle and know-how. Bad news: sub-prime fallout, new CEO, and challenges of their own. How or if this will impact the LBC development is yet to be seen, although it appears less likely. In addition, former executives from Intrawest have formed Replay Inc. with a minority investment in LBC and take role of managing partner.

    On the construction front, Beck (based in Dallas) is onboard signifying another change for the better.

    2007_11_29_loreto_0129At street level, more homeowner’s have closed on their homes. And new stores are beginning to open along the main street offering some, albeit limited, early shopping choices. Still no restaurants (aside from the Inn at Loreto), coffee shops, bakeries, groceries or … Trader Joe’s. Those are still available in town.

    Loni and I have been soaking up the latest news here in the last few days, meeting fellow home owner’s and walking around the site. We have lots of new information, photos and video.

    I’ve already filled 1.5GB on my memory card and we will begin posting like mad soon on all kinds of topics including:

    • site construction photos
    • new stores (Cree, Pharmacy)
    • Citibank/Replay Corp/Beck and our take on what’s happening on the management and investment side
    • our meeting with Bill from local favorite “The Construction Coach” to talk about construction progress on our lot AV 025
    • updates and stories about new homeowner’s accepting homes and moving in!
    • news on the town of Loreto (street repair, restaurants, etc.)
    • the last night farewell at Nellie’s Place
    • a review of Alan Axelrod’s new Book on Loreto

    2007_11_29_loreto_0081

    Ok time to check on Loni & go for lunch. More soon!

    Clint

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