FIMA Plans to Develop Luxury Home Sites with Two New Parcels Acquired in Veracruz
August 1, 2008 - FIMA, Inc. (Other OTC:FIMA.PK) announced today that through its subsidiary, Garcia & Garcia Construction and Design, the Company has agreed to terms for the acquisition of two parcels in the highly sought-after section of Las Palmas in Veracruz, Mexico. Garcia & Garcia have already begun the process of creating plans and architectural renderings for the project, and construction should be able to begin shortly. Zoning and density are not an issue, and the infrastructure including electrical, water, and sewer are in place, substantially reducing the anticipated costs of construction.
According to a FIMA company spokesperson, “The Las Palmas section of Veracruz is an extremely desirable location, and we are very pleased to have this opportunity. Veracruz is the number one port in all of Mexico, and one of the country’s fastest growing metropolitan areas. Based partly on the desirability of the location, along with the growing reputation of Garcia & Garcia in the region as a result of their growing portfolio of projects, we expect to be able to pre-sell the units within an extremely short time. As a result, our capital expenditure will be minimal. Also, lending policies in Mexico and Latin American have traditionally been much more restrictive, so unlike the real estate Read more