A new VIP area in the Corozal Free Zone on the border between Mexico and Belize will start construction in 2014 according to Belize’s consul in Quintana Roo Jorge Valencia. Speaking to the Mexican newspaper La Verdad, Mr. Valecia is quoted as saying that the facility will feature genuine luxury goods, in contrast to the cheap knock offs currently featured in the old free zone. The consul said that the first phase of the facility will cost U.S. $50 million, financed by U.S. nationals.
He said that the investment will be fully private and aims to offer quality items to buyers because it is recognized that in recent years the old free zone has declined in quality. He said that recently the project changed owners, which led to a delay in the commencement of construction.
“The project has change owners and the new owners are doing a review, in that they are right now and we hope that concrete construction to begins next year. The investment announced for the first stage is approximately 50 million dollars”, he said.
Jorge Valencia said that physically the VIP area will be located next to the new international bridge with Belize “Chactemal”, however, the consul did not give more details of the project but said that it will be an exclusive area.
“We know that the first phase includes the construction of a Hotel and Casino, a Convention Center and some new businesses, while the second phase will include the construction of recreational areas. The investors are from the United States America, a particularly large company, but at the moment we cannot give more details. But is a strong enough company that has the necessary capital” he said.
The launch of the new Chactemal bridge over the Rio Hondo separating northern Belize from Mexico has led to concerns in both Belize and Mexico, especially within those businesses located at the old bridge crossing. Mexico which owns both bridges has been saying it intends to close the old bridge over security concerns.