Mexican Developer Wants To Build New Cities From Scratch

Capitalizing on the booming Mexican home market and government calls for better urban planning, Mexico's second biggest residential developer is planning six new towns complete with homes, stores, employment and schools.

"Geo, Mexico's No. 2 home developer, is betting on turning empty fields into carefully planned new cities of hundreds of thousands of houses, industrial parks and shopping malls to fuel growth in coming years.

Geo is teaming up with the government, shopping center specialists and industrial firms to build six entire cities in the State of Mexico, and expects this new model to quickly become half of its business, Luis Orvananos, Geo's founder and chairman, told the Reuters Latin America Investment Summit.

"They'll have education, recreation, hospitals, shopping and jobs," Orvananos said on Thursday.

Mexico's homebuilders have been booming for more than five years thanks to improved economic stability and a government push to end a shortage of millions of houses.

Companies like Geo and competitor Homex have traditionally built neighborhoods on tracts of land on the edge of cities across the country.

But as state governments demand better urban planning and as land near cities becomes more expensive, Geo and other builders are turning to larger-scale "megaprojects" including industrial parks, retail districts and schools."

Full Story: Mexico's Geo bets on building cities from scratch
Tags: 

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $209
Red necktie with map of Boston

Tie one on to celebrate your city

Choose from over 20 styles of neckties imprinted with detailed city or transit maps.
$44.95
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $16.95 a month