Marina Flamingo on Schedule to Bring Prosperity to Costa Rica’s Gold Coast
With the development of the new marina, the Flamingo and Potrero area will become a world class destination for yachters, sport fishers, and vacationers alike. The huge development, said to reach $50 million upon its completion, is expected to have a tremendous impact on the economy of the surrounding area along the North Pacific Coast of Costa Rica.
Construction Project of Marina Flamingo
After several years of planning, five of which were spent waiting to consolidate the concession, Phase One of construction of the Marina Flamingo began in January 2022. The company that owns the concession is Marina Flamingo Development Group, who has managed to keep the project on schedule, despite the pandemic, which halted work on the development of a new marina in Golfito.
As of October 8, 2019, the Marina Flamingo project was approved with all environmental requirements and construction permits for Phase One. The Maritime Phase commenced that December with lots of digging and land moving to create the overall shape the marina.
Installation of the docks began in May 2021. While originally they only planned to create 90 slips, they now have 184 slips, with 10 slated for large, luxury yachts over 100 feet.
Marina Flamingo Village, the first mixed used commercial and residential building on site, with its bright and freshly painted exterior, is almost fully complete and already taking on contracts for offices, retail stores, restaurants, and other commercial enterprises. As for accommodations, the Village also includes 44 villa suites.
The facilities in Phase One include a shopping center, a hotel, club member’s lounge and pool, marine fuel dock, a dry dock, 184 slips with floating docks, immigration and customs services, and a heliport.
Location Strategy of Marina Flamingo
The Flamingo Marina is conveniently located between the already existing marinas of Papagayo Marina, located to the north by the Four Seasons and Andaz Hotels, and the Los Sueños Marina, which is located to the south in Herradura. Therefore, Marina Flamingo will serve as a well-needed stop along the coast line, providing safe harbor for larger yachts and vessels traveling along the Pacific Coast of Costa Rica.
In Costa Rica, there are currently five marinas operating: Papagayo, Los Sueños, Pez Vela, Banana Bay, and Bahia Golfito.
The new marina between Playa Flamingo and Playa Potrero is also conveniently located less than an hour drive (26 miles) from the Guanacaste International Airport (LIB) in Liberia.
Economic Impact of Marina Flamingo
Since the announcement of the new marina development, real estate investment in the area has been very popular, with some speculating that property values nearby will soar 20 to 30 percent once the marina is complete.
Property in Playa Flamingo and Potrero are already highly desirable and unique due to the fact that the beachfront land in these areas are titled. Only three percent of oceanfront land in Costa Rica is titled, so investment in this area allows foreigners a very rare opportunity to own beachfront property.
KRAIN Real Estate has offices in both Playa Flamingo and Playa Potrero and is said to have the largest market share of homes in these areas.
It’s not just real estate expected to boom with the development of the Marina Flamingo. The job market has also opened up to relatively good paying jobs by Costa Rican standards, with many Costa Ricans employed for construction and security work during the pandemic – a time when many people in the country lost their jobs. Through Phase One, Marina Flamingo is said to generate 120 direct jobs. By the end of the construction process they hope to increase that number to 600 permanent collaborators distributed among all the project’s services.
Phase One of the marina development is scheduled to be completed in the first quarter of 2023, while Phase Two, which includes an additional commercial building and docks, is scheduled to be completed in 2025. The development has already scaled to an estimated $50 million project when completed.
With all the current and upcoming investment opportunities in the area, business owners and aspiring entrepreneurs are still in a good position to capitalize on the development of the Flamingo marina. Be sure to check out all the services provided by Costa Consultants from the grand opening to the successful exit of your business. We provide marketing, SEO, web design, business plans and development, professional content, commercial real estate, and financial services.