Construction is set to begin on a new luxury development in Los Cabos, Baja California Sur Governor Carlos Mendoza Davis confirmed this week, according to Mexico News Daily.
First announced last year, a 360-hectare beachfront property will be developed as a "luxury mega-project" known as Costa Palmas.
Highlights will include a resort, residential development, a marina and a golf course, among other amenities.
"The development of Baja California Sur cannot be achieved without progress in each of its regions," the governor said. "We are working on attracting more and better investment projects to the entire state."
The initial phase of the project will be built in six stages and include a 145-room hotel, more than a dozen homes, a pool and a kids club.
The luxury development is expected to create approximately 5,000 direct jobs and 10,000 indirect jobs and increase Los Cabos' annual visitor capacity by as much as 5,000.
What's more, the tourism project is expected to result in a yearly revenue of more than $1.3 billion, directly benefiting residents of La Ribera in east Cabo.
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