Expansion Approved for Vineyard Development in Mendoza, Argentina
Algodon Wine Estates Will Add Luxury Hotel, Spa, Two Additional World-Class Golf Courses and over 20
MAY 20, 2008. The municipality of San Rafael, Mendoza, Argentina, has approved a major expansion plan for Algodon Wine Estates, a winery and luxury resort property in Argentina's scenic wine country.
The announcement was made by Scott Mathis, Chairman of the property's developer and owner, InvestProperty Group, LLC (IPG Global Properties). Based in New York, IPG helps accredited investors in the U.S. participate in institutional-quality real estate investments.
The over 2,000-acre Algodon Wine Estates currently has a boutique winery, traditional Mendocinian lodge, clubhouse, award-winning restaurant and a nine-hole golf course, all located at the foothills of the Sierra Pintada Mountains. The property is located a short distance from downtown San Rafael as well as the major regional airport.
The approved expansion plan includes:
o Four distinctly different villages,
o A premium luxury hotel,
o Two world-class 18-hole golf courses,
o A polo field, equestrian center, and numerous riding trails and pastures,
o A lavish wellness spa,
o Two swimming pools,
o 11 championship tennis courts,
o Over 200 vineyard homesites (between one and fifteen acres) and 50 villas.
'We're very excited to be on our way to creating Argentina's most significant wine, golf and residential estate community. We believe the demand is strong: Argentina is a world-class destination, now attracting luxury, rather than 'backpacking', visitors. We're convinced that Algodon Wine Estates represents not only an exciting opportunity for world travelers who appreciate gorgeous rustic scenery, great wine and food and outdoor activities, but also investors who understand Argentina's advantages, especially at a time when U.S. property and capital markets are uncertain. Argentina's advantages include undervalued property in a sought-after, high-profile location, healthy hotel and lodging rates, and a currency situation in which the dollar still goes far,' said Scott Mathis, founder and chairman of IPG.
All development at Algodon Wine Estates will be executed from an ecologically and environmentally friendly perspective. This includes photovoltaics, solar hot water, wells, water reservoirs, and greywater and blackwater waste treatment systems. Additionally, the estate plans to accommodate for food self-sufficiency utilizing the vast cropland.
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