Developer Donald Trump and Los Angeles-based real estate investment company Irongate are expected to announce plans today to build a $200-million luxury resort in northern Baja California, Mexico.
The partners plan to start construction by year-end on Trump Ocean Resort Baja, a hotel-condominium on Punta Bandera with 526 suites that may be offered for rent when they are not being used by their owners.
Units in the two high-rise towers are expected to be priced from the low $200,000s to more than $1 million. The first tower is scheduled to be completed in late 2008. Included in the plans are restaurants, a spa, fitness center, tennis courts and swimming pools.
The project is part of a real estate boom in Mexico that has been led by "fractional ownership" properties that allow buyers to purchase a piece of a condominium, hotel or home.