The construction boom in the Pacific resort town of Mazatlán will continue after the state of Sinaloa’s zoning and urban development regulations were tweaked to specify the height allowances on new buildings.
The decision to update the state’s building codes will unfreeze US $300 million in funding for construction projects in Mazatlán that had been paused awaiting clarification on building height limits.
The new regulations will allow structures of up to 30 floors, according to the local newspaper Debate.
Among the construction projects poised to restart are a complex of Stelarhe condominiums, the Hotel Hyde, built by the French hospitality multinational Grupo Accor, and the Aguamarina Talismán condos. Once completed, these projects are expected to create 1,000 new jobs in Mazatlán.
These three projects, all under construction since 2023, slowed building activities in May while awaiting confirmation that they’d be able to carry out their designs.
The pause was prompted by the publication of new building codes that included unclear wording regarding height allowances.
Mazatlán has received US $5.3 billion in construction investments during the first half of 2024 alone, according to Debate.
Among the new real estate projects coming to Mazatlán are 17 condo towers, five neighborhood developments, two shopping plazas, two convenience stores, one golf course and 10 hotels by international chains. Some of them include new hotels under the Fiesta Americana, Holiday Inn and Windham brands.
Ismael Tirado, president of the local chapter of the Mexican Association of Realtors, told the newspaper Meganoticias that 196 new buildings were under construction in Mazatlán as of early September.
In a separate interview, Tirado told the news outlet Riodoce that he anticipates an upsurge in the realty business in the final quarter of 2024, saying that clients will be trying to close deals on condos ahead of the new year.
Tirado added that buyers claim not to be overly concerned about the cartel violence raging in Sinaloa, convinced that it is just temporary.
“They say they want to continue investing,” Tirado said. “They prefer betting that Mazatlán real estate will continue to be profitable, and see the violence as a short-term (concern).”
With reports from Debate, RioDoce, Meganoticias and Mexico Living
Source: Mexico News Daily
