A high-profile residential vineyard development south of Mendoza City just received a major boost of cash and confidence from a large New York shareholder who is taking control of the entire development.
Manhattan-based real estate developers Youngwoo & Associates (YWA) are taking over the 2,000-acre Santa Maria de los Andes (SMdlA) project in Agrelo, a gorgeous Mendoza terroir with breathtaking views of the snow-capped Andes. According to Diario BAE, YWA just raised its ownership stake from one-third to 100% with a buyout of Fiducia Capital Group, the former manager of SMdlA.
A company spokesman says the project was a bit stalled, but this announcement gives the luxury vineyard new life. YWA plans to invest US$10 million alone this year on major infrastructure like roads and irrigation. On the sales side, SMdlA plans to sell out the remaining 200 acres in the First Phase of the development. 670 acres or 80% of the First Phase have already been sold since 2009 when the project was first unveiled.
Diario BAE says YWA will be responsible for overseeing all aspects of SMdlA wine operations including harvest, production, bottling and export of the wines giving small investors the opportunity of owning a piece of Mendoza and producing their own private label wine.
Looking forward, the next phase of the development will include the sale of the remaining 1,100 acres and the construction of a luxury hotel with spa and health club and sixty condominiums with an estimated price of US$180,000. (Full Story in Spanish)
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