The first tower in a new, cutting-edge residential development in Mexico City is nearly complete, and already 90 percent sold. The Maranta Bosques development is part of a spate of luxury residential developments that have sprung up in and around Mexico City in recent years.
When completed in June, the gated development will include four residential towers with units ranging from 135 to 500 square meters. Work already has begun on Maranta Bosques’ many amenities, which will include rooftop and at-grade gardens, a fully equipped gym, event space for business or social events, swimming pools, tennis and paddle courts, a fitness trail and children’s playground, as well as a two-story underground parking garage and a manned security gate at its entrance. Tower One, at 19 stories, already is 90 percent sold, the Maranta Bosques website states.
Hill International has provided project and construction management during the construction of Tower One, and is being considered for work on the next three, said Othón Pérez, Hill’s Mexico Country Manager.
The development is located in the Cuajimalpa section of Mexico City, on a verdant hillside the overlooks the city. It is one of several new residential developments that ring the city, and is part of a larger redevelopment that is transforming the city into a premiere place to live and work.
With 22 million residents, Mexico City and its environs have been ranked as the third-largest metropolitan area in the world. It also is the world’s largest Spanish-speaking metropolis. Like other cities across the globe, Mexico City is growing, as people living in the suburbs or more rural areas move back to the city to live and work.
Travelers also are flocking to the gentrifying city. In 2015, an estimated 6.3 million people visited Mexico City—up from 4.9 percent in 2012. The numbers from 2016 are expected to be even higher, as even more travelers discover the city’s eclectic mix of ancient and new.
Like other cities, the majority of Mexico City’s residents are millennials, aged 18 to 34, who are part of a quickly growing middle class. Indeed, the images and video on the Maranta Bosques website feature and are geared toward a young, active clientele. Its panoramic views of the city and location in a park-like setting are appealing, even as the city continues to grapple with crime, grime and traffic. The city’s transformation is being boosted by a growing economy. With a gross domestic product of $490.6 billion (USD), Mexico City is now one of the largest economies in the world. New office buildings, residential towers, restaurants and shops have sprouted up throughout the city over the past five years, and more are planned.
The Maranta Bosques is the second such development that Hill has managed. Work began on the project in 2013, and will continue through 2019, when all four towers are expected to be completed, Perez said. Towers One and Two are being developed by the joint venture of Acciona, a noted Spanish developer, and Vertex Capital Management. Designed by LAM Arquitectos, in association with Spanish architects Lamela Arquitectos, the residential units are light and airy, with expansive windows and an open floor plan throughout. From its pristine hillside location in Cuajimalpa, residents get a great view of a city that is ripe with opportunity.
“Mexico, and Mexico City in particular, are areas of great opportunities for Hill,” said Luis Lugo, Hill Senior Vice President and Regional Manager (Southeast America/Caribbean/Latin America). “As Mexico City continues to grow, opportunities for all types of construction will grow as well. We see opportunities across nearly every market sector here, including the commercial, residential, educational, healthcare, cultural, hospitality, infrastructure and transportation markets.”
Perez is proud of Hill’s work so far. “It is an exciting, rewarding and beautiful project,” Perez said. “We are honored to have had a part in the design and construction to-date, and look forward to watching the development grow as the city around it grows.”
by Tricia M. McCunney