Puerto Vallarta, Mexico – In a significant development, it has been announced that by the year 2024, 22 real estate developments in Puerto Vallarta, Mexico, previously halted by Semarnat (the Mexican Ministry of Environment and Natural Resources), are set to resume construction activities. This encouraging news follows a crucial meeting between municipal and federal authorities, as well as investors, who have been seeking legal certainty for a collective investment estimated at a substantial 350 million dollars.
Félix García, a prominent businessman and one of those adversely affected by the closure of these developments, expressed his appreciation for the support extended by the municipal president of Puerto Vallarta, Luis Alberto Michel. García acknowledged Michel’s pivotal role as a mediator in facilitating discussions with Semarnat representatives, who had previously imposed a halt on the progress of 22 development projects within the city.
The pivotal meeting, which took place last week, included key Semarnat officials such as the delegate in Jalisco, Rodríguez, and the coordinator of delegates, Román Hernández. During this meeting, all lingering doubts were meticulously addressed through direct dialogue. Notably, the authorities exhibited a commendable commitment to resolving various environmental concerns and pledged to expedite the issuance of permits while reevaluating the environmental impact studies.
In the aftermath of this productive meeting, a real estate investor emphasized, “100% of the developments that we have closed have all the requisite permits. We have diligently operated within the bounds of the law, and our environmental impact studies were in place as required. Furthermore, all these developments are situated in areas that had already been impacted by urbanization, and no additional green areas were compromised.”
This positive development comes after a two-year hiatus initiated by the Federal Environmental Protection Agency (Profepa). Profepa had initiated the closure of ongoing real estate developments in 2021, citing the absence of Environmental Impact Statements (MIA) as the primary reason. Subsequently, individual investors complied with the required procedures; however, their submissions were initially rejected by the federal agency.
Following the recent breakthrough meeting, investors are optimistic about the prospect of resuming construction activities. They hope that within the first 90 days of 2024, the previously halted projects will restart. This move is essential not only to safeguard the economic interests of the region but also to preserve Puerto Vallarta’s prestige in the international arena. Failure to do so could lead to a migration of investments to other destinations, including Nayarit or Cancún, thereby impacting the city’s overall appeal and competitive edge on the global stage.
