Paseo del Arbor y el Proyecto Central

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1 Paseo del Arbor y el Proyecto Central Pasos del Arbor (The Tree Path) is a real estate development project and the first to offer retail, office and residential space at the at the centre of Ojochal, a small rural town on the south-pacific coast of Costa Rica.

2 Background Three and a half hours south-west from San Jose, the town of Ojochal (pronounced Oh-ho-chal) is a diverse mix of country homes, cottages, holiday estates and custom-built homes looking over a picturesque jungle valley and pacific ocean. Ojochal has a population of residents, approximately 33% of which are ex-pats. The town has a school, church, police station and football field but no centre or square. Six years ago a supermarket was built beside the football field creating the first common destination for everyone in the area.

3 A butcher opened down the road last year. Just off the coastal highway at the town s only entrance and exit, two small plazas house a bakery, bar, real estate office, mini-super and gift shop. There is no other retail space either built or available. The only other businesses in town are hotels and restaurants including 5 with four-star ratings, for which the town is famous. Many tourists and visitors come to Ojochal while everyone in Ojochal drives either 15 km north to Uvita or 30 km south to Palmar Norte/Sur for everything but food. At the very least Ojochal needs, today: -Basic household goods/dollar store - Take-out food - Internet café - Post office services - Bank machine

4 Creating downtown Ojochal s main road, or Calle Principal, runs parallel to the winding Rio Balso. The center zone of town is around the only supermarket, which is also the widest point between the river and the nearby hills, approximately 2 km in from the town s entrance off the costal highway. There are eight lots in this centre zone. On the east of the Calle Principal, directly south of the football field is the Supermarcado Jucaloa and, beside it, a family property under title dispute. On the west side from north to south are: a single family lot, a double family lot, Perry Gladstone s two lots and a single family lot. Each of these are approximately 40 feet wide and up to 300 feet deep. All lots in the centre zone are zoned residential/commercial and all but one are currently used as residential properties. The opportunity to create a central commerce area is a matter of creating the retail space to host it. On average residents visit the supermarket three times a week however a lack of retail space has inhibited further development. In the last year a restaurant, butcher and salon have opened nearby but the key lots that make up the central zone remain residential. As a result the people of Ojochal have gotten used to traveling for what they need. But they don t like it.

5 Paseo del Arbor Built on two lots directly across from the supermarket on the Calle Principal, Paseo del Arbor will feature an attractive wooden plaza with four storefronts, a secure post office box array and a stand-alone restaurant with large terrace and lawn. In behind the plaza an inviting, winding path will lead to a magnificent tree-house deck and four standalone cabina s that will house additional retail space and weekly rentals for tourists. The Rio Balso backs the property and provides a constant, pleasant sound of running water.

6 The name Paseo del Arbor comes from the majestic Fruta Dorada (Golden fruit) tree on the property halfway between the Calle Principal and Rio Balso. Standing over 75 feet tall, the tree provides shade and protection to the cabina s and a gorgeous, 800 square-foot deck built around it s wide trunk where guests can relax and enjoy their coffee and take out foods from the plaza s vendors. A private bank will be invited to build a secure bank machine kiosk on the property.

7 Riding the Wave Costa Rica has two international airports. San Jose (SJO) in the centre of the country is the nation s busiest port while Liberia (LIR) to the northwest, receives primarily charter flights. These charter flights feed a rich tourism zone along the central and northern pacific coast. A third international airport has been approved for the Palmar Sur region with the promise of opening up the south of the country to the same prosperity. Palmar Sur is 20 minutes from Ojochal. The breaking ground date is The Palmar Airport will change the surrounding area forever. Major resort projects and hillside retreats will spring up to the north and south of Ojochal taking advantage of the beautiful bays, incredible beaches and dense jungle that give Costa Rica it s name, The Rich Coast. Within ten years Palmar Norte/Sur will become a major centre of commerce. 30 minutes north, the town of Uvita, which is dissected by the coastal highway, will have built extensive retail, neighborhoods and condos as will the beach town of Dominical north of that. Ojochal, because of its sprawling hills and valley, will become the Hollywood Hills and Beverly Hills of the south. Anticipating triple growth in population, the town of Ojochal is preparing to pave the Calle Principal. Currently dirt and river rock, the Calle is a slow, dusty, bumpy affair that ruins cars as fast as you can drive them. The municipality has begun moving individual water meters back from the road and should be ready to pave by winter of 2013, which means it will likely be 2014 before the road is done. Progress is slow in Costa Rica but the opportunity to establish the town centre will only come once.

8 The Land Today A restaurant owner has committed to leasing the existing house on the land and two other local business owners have expressed interested in plaza units when built. The Land Tomorrow Costa Rica moves slowly when it comes to development but is fully committed to the Palmar Airport construction and the town of Ojochal has already secured the funds for paving its main roads. Southern Costa Rica is now emerging from an economic downturn brought on by the 2008 recession. Tourism remains stable however property values in rural areas such as Ojochal are very attractive. This will change once construction on the airport begins. Should the airport be delayed or land values drop, Paso del Arbor will remain financially viable as commercial retail complex for products and services relevant to the residents of Ojochal and vacation rental units for tourists during high season. Based on local comparison property values, on completion Paseo del Arbol will have a market value of approximately USD $250,000. This is anticipated to rise to $350,000 by 2015.

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