The President of the Dominican Republic, Danilo Medina, participated in the groundbreaking ceremony of a new tourism complex that will be situated in “Playa Grande,” in the country’s north coast. The “Costa Norte” complex will be situated between the north coast cities of Puerto Plata and Samaná. The project will feature a boutique hotel and residential lots. The three-phase development will be built on 1.2 million square meters of land, and the estimated value of the project is approximately US$400 million.
The project is owned by the North Shore Land Holding, Inc., owned by the Curry family of New York, and founders of Eagle Capital, an investment fund worth nine billion dollars. Headquartered in New York, the company has ranked among the top five (out of 750 equity companies) for the last 15 years.
Through the initiative of the project’s leader, Boykin Curry – a partner at Eagle Capital –other private investors have begun to buy property in the Dominican Republic. His wife, Celerie Kemble, a co-investor, is a renowned interior designer based in Manhattan.
Engineer Adolfo Ramirez, the project’s director, stated that the “Costa Norte” project “…will soon turn into a reference development and a symbol of high-quality tourism…committed to community integration… and which will serve as a powerful tool in renewing the image of the country’s north coast.
Attraction for the Rich and Famous
“Playa Grande” has already become an important attraction for the international crowd. Ramirez, the project director, said financiers Jonathan Soros and Mike Novogratz have purchased homes in the project. Also, television and radio news personalities Charlie Rose and Fared Zakaria; world-renowned architect Richard Mier, and Chris Meloni and Mariska Hargitay, from the long-running television series Law & Order, are now proud homeowners in “Playa Grande.”
“Costa Norte’s” conceptual design is based on environmentally-friendly guidelines. The project’s owners have also made it a priority to integrate and encourage the surrounding communities so that all can work together towards an eco-friendly environment.
“Today, we are launching a unique project,” said Ramirez, indicating that even though the Ministry of Tourism’s population density guidelines are 30 hotel rooms per approximately 2,500 acres, the project will feature eight hotel rooms to the same amount of land. Another important fact: 70% of the buildings within the project will only have two floors.