Atlantica ? ? ? Where art thou? ? ?

gringosabroso

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Oct 16, 2004
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There were a series of stories & posts @ a 2 BILLION US $ resort proposed & being developed in Luperon. You read that correctly - "billion"!! Name? Atlantica! A publicity release from the developer, with offfices in Santo Domingo, stated that a new world record had been established for subscriptions / advances, @ US$ 2,500,000. in @ 2 weeks. I'm guessing or estimating @ the dates & subscriptions; I'm not guessing @ the US $2,000,000,000! !
* Some of us, me included, were sceptical.
* In the past 12 - 18 months I've heard nothing whatsoever @ Atlantica. What happened? What is happening? Thank you.
 

Squat

Tropical geek in Las Terrenas
Jan 1, 2002
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I think we can still sit down and drink a Presidente at the dock of "Puerto Blanco Marina"...
Things go slow in Luperon... ;o)
 

ecarignan

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Jan 9, 2003
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I'd have to dig up a bit but I have been receiving newsletter, updates and invitations to join them on real estate tours in Miami and Spain. But I am like you skeptical. Then again, I was skeptical about Cap Cana and look what they've done so far!

We'll see.
 

carina

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Mar 13, 2005
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Last thing I read, and that was late June. Supposely a meeting should be held as to landownership and questions connected to that. The people who claim to own part of the land, heritage from 2 companies here some 100 years ago ( Hachtmann & Co and Hachtmann & Boscovitz who bought land on behalf of the Puerto Plata Sugar Company for Bentz & co in 1920 ), were to present proof to the project holders. The last issued titulos, from 1920, claims the land to belong to these people. This was in El Faro and have no idea what and if there is a result.
 

NALs

Economist by Profession
Jan 20, 2003
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gringosabroso said:
There were a series of stories & posts @ a 2 BILLION US $ resort proposed & being developed in Luperon. You read that correctly - "billion"!! Name? Atlantica! A publicity release from the developer, with offfices in Santo Domingo, stated that a new world record had been established for subscriptions / advances, @ US$ 2,500,000. in @ 2 weeks. I'm guessing or estimating @ the dates & subscriptions; I'm not guessing @ the US $2,000,000,000! !
* Some of us, me included, were sceptical.
* In the past 12 - 18 months I've heard nothing whatsoever @ Atlantica. What happened? What is happening? Thank you.
They are still going forward with the project, but they have yet to receive what they asked from an institution.

If you want, you can always contact their offices in Santo Domingo. If interested contact:

Melissa Paulino

AtlanticA
Hylsa Building, First Floor
808 Winston Churchill Avenue
Santo Domingo, National District
Dominican Republic

Telephone : (809) 732-2822
Fax : (809) 540-7700
E-mail : mpaulino@atlanticadr.com

-NALs
 
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Conchman

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Jul 3, 2002
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www.oceanworld.net
IMO, Atlantica is a corpse that people keep trying to revive to life with electric shock therapy called press releases.

While CapCana actually builds things with investment money, I have not seen anything going up except investor's money into smoke.

The problems with Atlantic are as follows:

Land title problems
No intl airport nearby
No real infrastructure nearby
Environmentally sensitive soil and earth that make it difficult to build marinas/docks
No investor confidence for changing locations and all the problems
Problems with enviromental licenses/authorities
Beaches nothing to write home about
Legal Problems
ETC ETC
 

Drugdog

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Mar 28, 2003
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Not dead now. Thats a boat load of money coming your way.

"Carlton Advisory Services? Chairman Howard L. Michaels announced that Carlton?s Hospitality Group has arranged a strategic equity joint venture partnership with a private equity investment management firm for the development of phase one of AtlanticA"

Kevin
 

aegap

Silver
Mar 19, 2005
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Here it is


<TABLE cellSpacing=2 cellPadding=2 width="100%" border=0><TBODY><TR><TD><!--startclickprintinclude-->Caribbean's Largest Resort Development to Commence Construction </TD></TR></TBODY></TABLE>

Quote:
<TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">The Dominican Republic's less popular northern coast will be receiving a boost with the development of AtlanticA, a 1,100-acre resort development poised to become the Caribbean's largest. Carlton Advisory Service's hospitality group, in a joint venture with an undisclosed New York-based private equity fund and developer Kingsport Partners, has announced that the $500 million first phase of construction is slated to begin November 1 </TD></TR></TBODY></TABLE>


Carlton's Hospitality Group has not been the only company looking into the Dominican Republic. In an exclusive interview with CPN in March, Trump Mortgage president & CEO E.J. Ridings hinted that Trump would be exploring potential resort projects in the country, although no specific ones have been announced.

From the Carlton Group's press release:

AtlanticA?s joint venture partner will virtually fund the entire equity requirement and the estimated development costs for phase one are in excess of $500 million
..
This transaction was arranged by Carlton?s Hospitality Group executives Kenneth L. Herzberg, Brendan P. Sullivan and Will Lee.
 

Conchman

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Jul 3, 2002
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They have been announcing this commencement of this mega project (and collected money from investors) for two years, and have built what? nothing. Problems with environmental issues (protected mangroves etc), loose soil on the shoreside unsuitable for building marinas and large buildings, land title problems, financiers pulling out, no nice beaches, no airport nearby, no city nearby, no infrastructure nearby, no good roads to get there, they even have problems with their own lawyers - I wouldn't touch it with a ten foot pole until something is actually built there, but they will have to invest $500M in infrasture before you can even have nice homes there. Most locals here believe it will never happen, local investor confidence is basically zero. But I have to give it to them, they are persistent and everytime you hear the project is dead, it comes back alive somehow but bottom line is...nothing built just lots of talk.
 

aegap

Silver
Mar 19, 2005
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..a wait and see 'til they get the bulk of the civil engineering in place is in order .