Other Land For Sale Fortaleza, Ceara

We are seeking a JV partner to buy or fund the development of a site of 36.75 hectares, with 1.8km of beachfront, in Brazil.
The site is priced at US$7m.
This would then be developed with two 40 room boutique hotels plus 50 hotel villas, and 416 apartments and penthouses, and 27 villas.
Current development layout consents are based on planning report and may be able to be altered without contriving the report.
Included in a sale of the whole 36.75 hectares will be a further parcel of land of 7 hectares.
Pre-funding of the construction of the hotel element can be obtained from the State Development bank as the hotel layout conforms to their lending criteria.
A boutique hotel group have issued a letter of intent confirming that they wish to manage the hotel and resort, and will take a long-term lease or similar of the hotel accommodation.
The buyer would then have the option of finalising finance for the hotels with the State Development Bank, and could then build and sell the hotels and the residue of the land at a profit, at a time of their choice, having regard to occupancy and cash flow.
Alternatively, they could draw down funds from the State Development Bank and build the hotels, and also inject say US$20m to commence the development of phase 1 comprising apartments and villas.
Alternatively they could market the apartments and villas off-plan and use deposit payments to fund the construction in whole or in part of phase 1.
We anticipate a potential profit of around US$28.9m on “day one” following the development of the 36.75 hectares, increasing significantly once the hotel has a proven trading record, proven occupancy and proven cash-flow. We anticipate potential development profits of up to approx US$9m on the 7 hectare site