TrioTower Executive Summary San Jose, Costa Rica 6-24-09

1. capital investments
& associates Presents
TRIO TOWER
Mix - Use Complex
Costa Rica
Business Proposal
P O B o x 8 218 21, P e m b r o k e P i n e s , F l 3 3 0 8 2 • 9 5 4 - 6 5 0 - 3 8 8 4 • c a p i n v 2 4 @ g m a i l . c o m

2. Table of Contents
Executive Summary 1
The Market 4
The Country
4
Business Climate
4
Tourism
5
Challenges
5
Project Description 6
The Concept
6
The Location
7
The Building
9
Sales and Marketing 11
Objective
11
Sales and Marketing Media
11
Marketing Materials and Budget
12
THE DEVELOPER 13
Experience
13
Completed Projects
13
Current Projects
13
Financing Required 14
Investment To Date
14
Capital Investments & Associates Tr i o To w e r P r o p o s a l
i

3. Letters of Intent
14
Sales Projections
15
Projected Expenses
16
Construction Loan/Line of Credit Required
17
Exit Strategy
17
Addendum 1 - Financial Statements 19
Projected Profit and Loss Statement
19
Projected Cash Flow By Year
20
Assumptions - Projected Cash Flow By Year
21
Addendum 2 - Letters of Intent 22
The Hotel - Cafe KAV Group
22
The Hotel - Radisson Hotels, Original Letter of Intent Pg. 1
23
The Hotel - Radisson Hotels, Original of Letter of Intent Pg. 2
24
The Hotel - Radisson Hotels, Extension of Letter of Intent
25
Commercial and Medical Area - Dr. Gerardo Escalante López
26
Penthouse Level 1 - Escape Villas
27
The Business Center - Trio Business Lifestyle
28
Addendum 3 - Floor Plans 29
Level 1 - Commercial Area
29
Levels 2 to 5 - The Medical and Business Offices
30
Levels 6 to 13 - The Extended Stay Hotel
31
Levels 14 to 15 - The Luxury Penthouse Residences
32
Underground Levels 1 to 5 - The Parking Facilities
33
Acknowledgement 34
Capital Investments & Associates Tr i o To w e r P r o p o s a l
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4. Executive Summary
Background
Trio Tower is a 15 level commercial building to be developed in Santa Ana, Costa Rica. The developer
retained the firm of Baeza & Associates, Business Strategy Consultants, to perform an in-depth market
study, taking into consideration the current economic situation and its’ impact on his project. Based on
conclusions reached in this study, the decision was made to develop Trio Tower as a mix-use complex, a
concept that has been successfully utilized in all developed countries and would be a first for Costa Rica.
Trio Tower has been designed to create a space that allows for different uses leading to a better lifestyle in
today’s modern business world. Trio Tower would be a place where the environment provides all of the
facilities that meet the needs of living and business, either in a fixed or temporary manner.
Furthermore, the report also recommended that all units be sold and not leased, thereby increasing the
return on investment while mitigating any associated risks. Baeza & Associates also performed a
comprehensive analysis to ensure that the types of tenants targeted for each of the sectors would be
complementary: as a consequence enhancing the occupants perceived value of the complex. As such,
the developer has decided to focus on two important local niches identified in the report: support for
Medical Services and support for Business Travelers.
Project Summary
Santa Ana, where Trio Tower would be located, is one of the most prosperous regions of Costa Rica’s
Central Valley. The corridor that runs from the canton of Escazu through Santa Ana to Ciudad Colon
contains the highest percentage of affluent Costa Ricans, expatriates and foreign workers in the country.
This combination of high income distribution and unique population demographics has resulted in a sizable
demand for professional medical care facilities in the area, which is currently not being satisfied.
Santa Ana is also considered to be the prime commercial and business district of the country. The sector
where Trio Tower would be developed is known as “The Golden Mile”: due to the number of transnational
and regional corporations, as well as, financial institutions that locate their headquarters in the district. As
such, it hosts a large influx of business travelers requiring a wide variety of support services.
To meet this demand for medical and business services, Trio Tower would incorporate the following
marketable components:
• Commercial/Retail Space
• Medical Center and Offices
• Business Center
• Hotel Suites for the Extended Stay Market
• Luxury Penthouse Apartments
The developer has allocated a portion of Level 1 - Commercial/Retail Area (the ground floor) and Levels 2 -
4 for medical facilities and offices. The 5th level of the complex would be utilized as a Business Center,
providing support services to businesses along with temporary office rental space. The hotel would be
located on levels 6 - 13 of Trio Tower and the hotel rooms have been designed specifically for the
extended stay market. The majority of extended stay visitors in Costa Rica do so for business or health care
reasons. As such, the hotel would provide an important value added service to the complex. Trio Tower
includes 18 luxury penthouse units as part of the complex on the last two levels. The pricing structure and
size of the units are well within what is actively being sold in the market today.
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5. That the strategy to develop Trio Tower as a mix-use complex has been successful can be determined by
the fact that the developer has received Letters of Intent (LOIs) totaling USD 32,104,336 to date. What is
remarkable is that these pre-sales have occurred through word of mouth advertising, as the developer has
yet to initiate his marketing campaign.
Thus far, commitments have been issued for the following spaces:
• Commercial/Retail Space - 250 sq. meters at USD 625,000
• Medical Center and Offices - 1300 sq. meters at USD 3,003,000
• Business Center - The entire 5th Level at USD 3,472,231
• Hotel Suites for the Extended Stay Market - Levels 6 through 13 at USD 21,827,082
• Penthouse Level I - The entire 14th Level at USD 3,177,023
It must be stressed that all issuers of (LOI’s) have financing in place. Upon notice of project funding the
(LOI’s) will be converted into sales agreements. The U.S. based corporation which wishes to purchase the
hotel has undertaken the necessary procedures to obtain approval for sending funds overseas. In turn, this
corporation has received an (LOI) from Radisson Hotels, who wish to operate the property under their
brand name. In addition, the developer has established a waiting list of prospective clients who have
expressed interest in acquiring units in the development.
About The Developer
The developer has over 30 years experience in the construction industry in Costa Rica and the United
States. His company, Compañía Constructora Occidental, specializes in the development, construction,
sales and management of residential, commercial and recreational projects. He has an extensive list of
successfully completed developments to his credit.
Construction Loan/Line of Credit Required
The parcel to be utilized for development was purchased for USD 3.58 million and has an outstanding
mortgage of USD 1.0 million. Current appraisal is set at USD 4.0 million. The developer has underwritten the
Architectural and Engineering Designs, the Environmental Impact Studies and the Preliminary Studies. In
addition, the developer has obtained the following permits: County Letter of Pre Project Approval, SETENA,
TRANSITO, and A&A Letter.
To date the developer has invested a total of USD 3.86 million in Land Acquisition, Architectural and
Engineering Designs, Project Permits and the construction of the on-site Sales Office. The project only
requires the INVU and the Final County Permits to commence construction, a process which would take 60
days from the date of notification of project funding. This 60 day period would also be utilized for a
selective bidding process to award the construction contract.
Total Projected Sales for the project are set at USD 49,066,160.57 with Total Projected Expenses set at USD
36,214,712. The Projected Expenses include the developer’s investment in the project to date. The (LOI’s)
received thus far represent 65% of total projected sales.
Costa Rica allows the use of sales deposits for construction purposes. Upon project funding, the (LOI’s) are
to be converted into sales contracts that would stipulate that 3 deposits of 10% would be made within the
first 19 months of construction, with the balance due after final inspection of the units by the buyers.
Taking in to consideration the positive cash flow generated by the sales deposits, the developer would
require a USD 25 million line of credit to build Trio Tower. Use of funds would be specifically for construction
purposes and to anticipate for any deferred deposits and unexpected construction delays..
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6. Exit Strategy
Once the project is funded, the (LOI’s) from each pre-approved client would be converted into sales
contracts. The sales contracts would represent 128% of the total funds solicited for construction purposes.
Taken together with the developer’s investment in the project they would represent 111% of total
Construction Expenses. Any reduction in sales price necessitated by any future unforeseen economic
developments would solely impact the developers net profit, not his ability to repay the line of credit and
the associated interest payments.
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7. The Market
The Country
Costa Rica has long been considered the most politically stable of all Latin American countries. The main
reasons underlying this stability have been the country’s history of continuous investment in social and
educational development. Costa Rica's social indicators are the best in Latin America and, in some cases,
approach levels prevailing in advanced economies. The Human Development Report considers Costa Rica
to have the highest Human Development Index of all Central American nations.
Costa Rica’s public healthcare development is also considered to be among the best in Latin America:
allowing its populace to enjoy strong health indicators along with a long life expectancy. In addition, the
World Economic Forum’s Global Competitiveness Index (GCI) ranks Costa Rica’s educational system as the
best in all of Latin America. The country allocates at least 6% of its GDP to education and has a literacy rate
that surpasses 95%, one of the highest rates in the western hemisphere. These educational achievements
have led to the Costa Rican workforce being recognized for its high educational standards and its
outstanding productivity level.
Business Climate
With a GDP of USD 26.2 billion in 2008, Costa Rica consistently has consistently ranked as one of the
foremost countries in which to conduct business in Latin America. The 2009 (GCI) ranks Costa Rica as one of
the most competitive economies in Latin America, ahead of countries such as, Brazil and Mexico. To quote
from the 2009 Index: “an analysis of Costa Rica’s evolution in the rankings over the last three years highlights
a remarkable upward trajectory, with a nine-place improvement since 2006.“.
This solid economic stability has allowed Costa Rica to receive the most Foreign Direct Investment (FDI) in
Central America. In addition, the country was ranked 2nd in Latin America for capturing the most (FDI) over
GDP. Total (FDI) has compounded at an annual growth rate of 25% over the last 7 years.
The country has targeted high-tech, medical device, and pharmaceutical (FDI) with a view toward
diversifying from agriculture and unskilled manufacturing to skill-intensive industries. This approach has been
successful in attracting multi-national companies such as; Intel, IBM, Oracle, P&G, Allergan, Baxter, Boston
Scientific and Hewlett Packard, among others, to establish operations in Costa Rica.
Costa Rica has gained salient and strategic market access through Free Trade Agreements (FTA) signed
with: the U.S. and Puerto Rico, Mexico, the Dominican Republic, Singapore, Canada, Chile, Panama and
the CARICOM nations. (FTA) negotiations are currently being held with China and the European Union.
Trade with other countries accounts for 89% of GDP and has allowed Costa Rica to become the leading
merchandise trading nation in Central America and the world’s 4th largest exporter of high-tech goods
and services.
The Globalization Index ranks Costa Rica as the 2nd most globalized country in Latin America and the
nation’s Free Trade Zones are projected to surpass tourism as the largest contributor to GDP in the next 5
years. In addition,service oriented firms have also established operations in the Free Trade Zones and are
now starting to rival manufacturing and distributing companies in their scope of activities. These are
among the reasons that FDI Magazine has called Costa Rica “the Central American country of the future”.
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8. Tourism
Tourism has been one of the main drivers of the Costa Rican economy and for almost 25 years the country
has been the primary tourism destination in Central America. The World Economic Forum’s Travel and
Tourism Competitiveness Index ranks the Costa Rican tourism industry as 2nd in the Latin American and
Caribbean region, just behind Barbados. Industry growth has compounded at an annual rate of 9% over
the past 7 years and represented 6.3 percent of total GDP and 6.5 percent of total employment in 2007.
To assure continued expansion of the tourism industry, the government is promoting two higher value
added sectors: eco-tourism and medical tourism. Taking advantage of country’s incredible bio-diversity
and natural beauty Costa Rica is rapidly becoming the nonpareil eco-tourism destination. That this
strategy has worked can be seen in the fact that even though Costa Rica receives less than 1/10th of the
number of tourists compared to Mexico, the country’s tourism sector is vastly more lucrative. In addition, the
country is now also supporting sustainable tourism clustering to take advantage of its’ reputation as one of
the most eco-friendly nations in the world.
A natural complement is Medical Tourism. Last year nearly 100,000 medical tourists visited Costa Rica. The
combination of highly qualified medical practitioners and the comparatively low costs of their services,
approximately 1/3 as compared to the U.S. and the EU, has resulted in this industry undergoing exponential
growth over the past three years.
The industry is also being helped by the fact that U.S. based insurance companies are now allowing their
plans to be used in Costa Rica in order to offset their spiraling health care costs. To ensure continued
growth in what is basically a recession proof sector, a Presidential edict declaring the field to be of
“national interest” has been issued and Law No. 35054-S-COMEX-COM-TUR has been passed, which
provides incentives to ensure the industry’s future development.
Challenges
The two main challenges to future development are; offsetting the impact of the economic recession in
the U.S. and improving the country’s infrastructure. The (FTA) being negotiated with China will provide
significant new direct investment once it is concluded and approved this year. In addition, the Instituto
Costarricense de Turismo (ICT) has negotiated the entry of 10 new airlines, from non-traditional markets, to
help offset the decline in travelers from the U.S.
To obtain the necessary funds for repairing the country’s lagging infrastructure, Costa Rica has requested
and been granted close to USD 2 billion in loans from international institutions. An example is a USD 850
billion loan from the Interamerican Development Bank (IDB), just recently approved by the Costa Rican
legislature, which would fund the repair and construction of new roads, expansion of the international
airports and expansion of the Caribbean Port of Limon.
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9. Project Description
The Concept
Trio Tower has been designed to create a space that allows for different uses leading to a better lifestyle in
today’s modern business world. This concept is called “mix-use buildings” and has been successfully utilized
in all developed countries and would be a first for Costa Rica. Trio Tower would be a place where the
environment provides all of the facilities that meet the needs of living and business, either in a fixed or
temporary manner.
The building has been intelligently designed to ensure that all of the marketable components would be
complementary in nature; assuring that the occupants perceived value of the complex would be
enhanced. The building would be comprised of 15 levels of commercial and living space, as well as, 5
levels of underground parking facilities. Each unit sold would also include the sale of a corresponding
number of parking spaces. The complex would include additional unassigned parking for the public in
general. A brief description of each of the differing marketable components follows.
Level 1 (Ground Floor): Commercial Area
There would be 15 commercial spaces located on the ground floor and mezzanine of the property. The
tenant mixture would lean towards businesses that could provide value added services to the building’s
clientele. A portion of this space would be reserved for medical services, such as, a Pharmacy, Optometrist
and Clinical Laboratory, among others. The remaining space would include restaurants and stores. This
level includes 19 spaces of above ground parking. There would be a total of 2,338.34 square meters of
commercial space for sale, which would include the assigned underground parking spaces.
Levels 2 - 4: Medical Center and Offices
There would be a total of 27 offices, 9 per floor, dedicated to Medical Services. The clientele would consist
of Medical Clinics, with their affiliated doctors, to individual medical practitioners. Key points in the
developer’s favor are the established upscale residents of the area and that there is a large pent up
demand for modern medical facilities and offices in Costa Rica. Including underground parking, there
would be a total of 6,104 square meters of medical space for sale.
Level 5: Business Center
This floor would be utilized as a Business Center offering business travelers and businesses access to
temporary offices, conference rooms, as well as, logistical and general business support. The western side
of the Central Valley, where Trio Tower would be located, receives a heavy influx of business travelers due
to the well developed commercial activity of the region. Another key point in the developers favor are
that business support services in the area are virtually non-existent. Including underground parking facilities
this level would have 1,859 square meters for sale.
Levels 6 - 13: Extended Stay Hotel
In accordance with the market study performed by Baenz & Associates the hotel design would incorporate
Junior or One Bedroom Suites designed for the extended stay market. The majority of extended stay visitors
in Costa Rica do so for business or health care reasons. As such, the hotel would provide an important
value added service to the complex. Each room would be between 60 to 95 square meters in size and
incorporate a kitchenette. The hotel would consist of 144 rooms in total and be comprised of 12,021 square
meters.
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10. Levels 14 - 15: Penthouse I and II
The last two levels would consist of 16 exclusive and luxurious one and two bedrooms residences, which
would range in size from 129 to 214 m2. The pricing structure and size of the units are well within what is
actively being sold in the market today. Without a doubt these residences would enjoy spectacular views
of the Central Valley unmatched by any other development. Owners of these units would also have the
added benefit of generating rental income by contracting with or entering into an agreement with the
leasing program run by the hotel’s management. Penthouse I, the 14th level, includes 1,400 square meters
for sale and Penthouse II has an additional 1,439 square meters.
The Location
TRIO TOWER would be located in the canton of Santa Ana, which is a suburb of San Jose the capital of
Costa Rica. Santa Ana, along with its neighbor canton of Escazu, are among the fastest growing sectors of
the Central Valley. The region has rapidly evolved into a high-end residential area for foreign expatriates
and their families, as well as, affluent Costa Ricans. The Santa Ana - Escazu corridor enjoys the highest
discretionary income in the country.
The area is home to a large variety of upscale stores, gourmet restaurants, entertainment complexes,
private schools, commercial centers, hotels and banking facilities. Multiplaza Oeste, which is the country’s
largest shopping mall and is currently undergoing the largest expansion in its’ history, is only a 10 minute
drive from the proposed site for the building.
TRIO TOWER would be situated in the Lindora district, which is one of the most developed areas of Santa
Ana. The complex would sit on the northern side of the Santa Ana - Belen road, which connects Santa Ana
to the Juan Santa Maria International Airport. This road is currently being expanded to 7 lanes and when
finished would increase traffic levels to over 55,000 vehicles a day and would shorten the drive time to the
international airport to just under 20 minutes.
The complex would also be located only 200 meters from the Próspero Fernández highway, which
connects the city to Escazu and San Jose. The Próspero Fernández highway will be part of the new freeway
to the Central Pacific Beaches that is currently under construction. This freeway known as the Caldera
Highway will shorten the current 2-hour drive to the beaches to only 45 minutes.
The locale where the TRIO TOWER would be developed is known as the “Golden Mile” of Santa Ana: due to
the presence of all major private and national banks, and due to the fact that the area is considered to be
the prime commercial and business district of the country. The land surrounding the complex is primarily
developed as commercial and is characterized by mid-rise office buildings.
TRIO TOWER would be situated very near the Forum I and Forum II business centers, which offer state of the
art business offices that meet international standards. These complexes are home to transnational
corporations such as: Proctor and Gamble, Oracle, Hewlett-Packard, Chiquita Brands and Banacol.
The land on which the complex would be developed is 3,384 square meters in size and consists of a flat
topography. The Municipality of Santa Ana zoning designation of the property would allow for most
commercial and residential uses, including: office buildings, retail centers, service industries and hotel and
apartment buildings.
An example of the attractiveness of Santa Ana for investment purposes can be provided by a story that
appeared in the business section of one of the local english language newspapers. Legendary Wall Street
investor Henry Kaufman, who is known among the insiders in the financial community as a genius at
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11. contrarian investing has purchased 17 hectares of land in Santa Ana to develop a 500 unit senior living
community. The USD 60 million dollar development is fully permitted and ready to break ground as early as
August of this year. Kaufman believes that senior retirement communities, assisted living and even nursing
care will propel the growth of Costa Rica to double digit gross national product during the next 20 years.
Among the reasons cited by Mr. Kaufman for his investment are: the year round spring like climate, the high
living standards, the low cost of living in general, the medical care, which is up to world standards in the
private hospitals and is a fraction of the costs in the U. S. and Europe and that there are no social issues.
In summary, TRIO TOWER would be located in one of the most privileged business and living districts in all of
Costa Rica.
Rendition of TRIO TOWER’S proposed site situated next to the Santa Ana - Belen road
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12. The Building
As in any building designed for mixed-use, consideration must be taken to ensure that each level is
regulated by a policy of use of the facilities. Particular attention has been focused on segregating and
facilitating access to the different services provided by the complex. A summary of the buildings’
amenities follows.
Building Common Areas And Amenities
Lobbies and Access: Access to the building would be done through two lobbies; one for the business and
medical services area and another for the residential and hotel area. Reception and access control points
would be established at each entrance in order to maintain a daily log of all visitors. CCTV would be
utilized on all levels to provide enhanced security. In addition, a private security booth would be
established outside of the building to control and monitor the exterior. Lobbies would be designed in a
contemporary style utilizing wood flooring combined with premium decorative porcelain tile floors. Building
corridors and elevator lobbies would utilize premium porcelain floors and have decorative aluminum
panels suspended from the ceiling with mineral fiber.
Facade: The building would be covered with glass curtain walls, which would provide temperature and
sound insulation. The glass facade would assist in reducing energy consumption levels while helping to
maintain a pleasant interior environment. The color of the glass chosen is ARTIC BLUE, which in our opinion,
would bestow TRIO TOWER with a modern appearance unique in the Santa Ana/Escazu region.
Elevators: The elevators would be strategically placed to separate and facilitate transit to the business and
residential areas. They would require the use of access cards, which would restrict unauthorized entry to
the private areas of the building. All of the units would provide service from Basement Level 5 through to
the Penthouses. At least two elevators would also have access to the roof. In addition, there would be a
freight elevator located in the southern section of the complex. The 5 elevators used for passenger service
would have a load capacity of 8 to 14 people and operate at a speed of 3 meters per second.
Telecommunications: Fiber optical cables and connection facilities are situated immediately in front of TRIO
TOWER. This provides direct access to the broadband system through structured cabling, which would
permit the installation of network communications directly operated by the buildings administration. This
would ensure that our tenants have access to the most advanced Internet services, cable services,
teleconferencing and telephony services. By furnishing the service directly, the building’s administration
would be able to provide, without delay, whatever service the tenant required.
Air Conditioning System: TRIO TOWER would be equipped with VRV systems (Variable Refrigerant Volume)
that would maintain consumption of the coolant through condensing units located in the southern sector
of the building (General Service Area). This system allows for considerable energy savings over time, since
the coolant supplied to each area depends on the amount of fresh air that the tenant would require. VRV
systems provide precise control of ambient temperature, low ambient noise and easy maintenance.
Tenants would simply connect their Air Conditioning systems, through pre-existing pipes in each office, to
the condensing units located outdoors. The tenants consumption would be charged to their respective
maintenance account.
General Services: There would be a freight elevator located in the southern sector of the building for waste
management, general cleanup and maintenance services. Electrical, telecommunications, air
conditioning, plumbing, as well as, water supply and the discharge of sewage are all located in this
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13. section. The pipes driving electrical and mechanical services would be placed through conduits, which
are designed so that the technician has enough room to do the maintenance work efficiently and safely.
As all services are generally located in one sector this will ensure that the building is easily maintained.
Maintenance: A janitorial company would be hired to provide cleaning services. In addition to the
cleaning personnel, there would be a 24 hour staff for maintenance of the building and its’ facilities.
Sensors would be utilized to provide ample warning of any operational deficiencies. The administration
would set a maintenance fee of between $3.00 to $3.50 per square meter for maintenance and security
expenses.
Emergency Electric Plant: In case of any failure of the public electrical service, the building would have its
own emergency power plant, including an automatic transfer switch, which would provide 100% of the
complexes electrical requirements. This would allow all systems and services to continue without
interruption.
Water Treatment Plant: A water treatment plant would be located in Basement 5. The plant has been
designed to ensure that the treated water meets all local environmental codes. Once the water is treated
it would be discharged to the Corrogres River by a pump station.
Drinking Water System:, A hydro-pneumatic system has been designed, with a storage tank and pumping
equipment, to ensure that water pressure is adequately maintained throughout the building.
Fire Systems: TRIO TOWER meets all current fire codes and regulations. The complex would be completely
outfitted with fire alarm systems and sprinklers.
Electrical Systems: All electrical systems comply with all electrical code requirements.
Meeting Area: TRIO TOWER would have a communal events room in which the condominiums owners
would carry out activities as stipulated by the regulations of the condominium.
In summary, overall total construction available for sale is 25,163 square meters and the building’s efficiency
would be 69.7%. Construction density on the 3,833.92 square meters lot would be 80.26%. The building
would consist of 15 above ground levels and 5 underground levels, and have available a total of 382
parking spaces.
The Project has 211 units distributed in 3 sections: 51 units located in the commercial and medical center
area, 144 units located in the extended stay hotel section, and 16 luxury penthouse residential units. The
construction time line is estimated in 18 months.
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14. Sales and Marketing
Objective
The developer finds himself in the enviable position of having received (LOI’s) for 163 of the 211 units
available for sale in the complex. The remaining units are comprised of: 9 Penthouse Residences, 14
Commercial/Retail spaces and 21 Medical offices. The project’s marketing campaign has been fashioned
to effectively reach the differing tenant demographics that must be targeted.
The developer plans on investing a total of USD 110,000 in a concentrated advertising campaign, selecting
only the most effective and high-quality media, to exhibit the project to national and international markets.
To this effect, he would divide the campaign into two phases: the first would be the initial project launch
and the second would concentrate on trademark positioning.
The initial launch would focus primarily on realtors, both nationally and internationally. Key components
would include the introduction of the project to real estate firms, to familiarize realtors with the on site sales
staff and support services, as well as, the dissemination of the marketing materials. Initial marketing tools
would include magazines and newspapers positioned in the real estate sector, web publicity, including
TRIO TOWER’S own web site, and organized events addressed specifically towards realtors.
The second phase would be structured to directly attract potential clients and to assure the positioning of
the brand name in the market. General circulation newspapers and magazines would be utilized for the
trademark positioning campaign. To reach potential clients, Trade Magazines, Trade Journals and Medical
Association Newsletters would be specifically targeted. In addition, events and presentations addressed
directly to the various Medical Associations would be sponsored by the developer. The focus on this
secondary media is not on circulation size but on the fact that they directly reach the key demographic
segments. Again, TRIO TOWER’S Web presence would be an intricate part of the marketing efforts.
The underlying theme of both phases would be to ensure that the marketing campaigns effectively
position TRIO TOWER correctly to the specific markets.
Sales and Marketing Media
Sales Office
The developer has opened a sales office on site and has informally initiated the marketing process to local
realtors. A formal event will be organized in late July and would mark the projects’ official presentation to
the real estate industry. The establishment of close relationships between the developer’s sales staff and
realtors is of the utmost importance. Initial informal contacts with realtors have generated a very high level
of interest in the project.
The sales staff would also be responsible for: direct sales to individual clients, responding to requests
submitted via the project’s Web page, providing presentations to associations and organizing promotional
events. An unexpected result of having opened the sales office is the remarkable word of mouth
advertising that has occurred. Sales traffic is significantly above original expectations.
Print Media
To assure the success of the launch campaign and the positioning of the Brand name within the market,
the project will be promoted in several local newspapers and magazines. The media chosen for the initial
launch phase would be focused on magazines that service the real estate industry. Media in this group
would be chosen based on their specific industry related content and that they are distributed nationally.
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15. General circulation newspapers and magazines would be utilized to develop public awareness of the TRIO
TOWER. All media chosen in this group have national circulation and would be read by the key
demographic populations. Intelligent placement of advertising within different sections, i.e. Finance Page,
Home & Garden, etc., would permit the targeting of buyers directly for both the Penthouse and Medical
Office units.
Last in the print media group, but of prime importance to the success of the project, would be limited
circulation media, such as: trade journals and magazines, Medical and Professional Association magazines
and newsletters. This media group would precisely reach the desired demographic populations and
would provide the greatest return on investment.
Web Presence
Having a well designed Web presence that can serve as a primary source of information for potential
clients is fundamental to the project. The Web page must ensure that visitors are sufficiently motivated to fill
out the contact form for additional information, which would commence the sales process. An important
strategy is to swap links and to place Web ads with the print media utilized for promotional purposes, as
well as, with Medical and Professional Association Web sites. This low cost investment would maintain
market presence long after the advertising campaign has expired.
Taken individually the above mentioned marketing tools would only provide partial success. The marketing
plan has been designed so that the individual tools would complement each other and reinforce the
overall message at each successive step. Research indicates that the marketing campaign should result in
the sale of approximately 1.49 units per month.
Marketing Materials and Budget
To differentiate TRIO TOWER in the marketplace from other projects, all marketing brochures would be
created solely using high-quality materials with exclusive designs. They must be easy and interesting to
read, include all pertinent information, include only professional high-resolution photographs and provide
visual support to the other marketing materials. Renderings would be utilized to create a virtual reality
model of the complex. This model would be utilized in the Web page, in sales presentations, to educate
realtors about the project and at the on-site sales office. Smaller scale versions would be offered to realtors
for their own use.
• TRIO TOWER - PROJECTED MARKETING BUDGET
Website $ 10,000.00
Direct Marketing Expense $ 10,000.00
Photographs $ 2,000.00
Renderings $ 15,000.00
Project Model $ 2,000.00
National Media Expense $ 148,560.00
• TOTAL • $ 187,560.00
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16. THE DEVELOPER
Experience
Mr. Rafael Rojas, the developer, has over 30 years experience in the construction industry in Costa Rica and
the United States. His company, Compañía Constructora Occidental specializes in the development,
construction, sales and management of residential, commercial and recreational projects. He has an
extensive list of successfully completed developments to his credit.
Completed Projects
Detailed below is a listing of projects successfully developed and sold by Compañía Constructora
Occidental:
Residential Projects:
• Condominio Tierra del Sol Etapa I
• Condominio Tierra del Sol Etapa II
• Condominio Praderas del Sol
• Condominio El Cedro
• Condominio Sebastián
• Urbanización La Promesa
• Condominio Boulevard del Sol
• Condominios Nirvana
• Condominio Sunrise (Playa Tamarindo, Guanacaste)
• Luxury House in Residencial Hacienda del Sol (Santa Ana)
• Hotel el Jardín del Edén (Playa Tamarindo, Guanacaste)
Recreational Projects:
• Centro Ecuestre del Sol
• Ampliación picadero Centro Ecuestre del Sol
Commercial Projects:
• Centro Comercial Sunrise
• Centro Comercial Shops @ Diria
• Construcenter Tamarindo
• Centro Comercial Vistas de Tamarindo
Current Projects
Compañía Constructora Occidental has been contracted to design and develop: Condomios Flamingo
Paradize and Condominios Vistas de Tamarindo. Both projects are currently in the design phase. A detailed
corporate resume can be provided upon request.
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17. Financing Required
Investment To Date
The developer has spent the past 19 months in pre-construction planning and development. To date he
has invested a total of USD 3.86 million in Land Acquisition, Architectural and Engineering Designs,
Preliminary Studies, Marketing Media and construction of the on-site Sales Office. The table below provides
a listing of the pre-construction expenses:
Investment To Date
Land Cost $ 2,587,293
Other Hard Costs $ 72,500
Environmental And Preliminary Studies $ 140,800
Architecture And Engineering Design $ 500,000
Marketing Material And Media $ 39,000
Management And Administration $ 512,500
Legal And Contracts $ 10,000
Total Investment To Date $ 3,862,093.00
Most of the expenses are self explanatory and require no further detailing. The parcel to be utilized for
development was purchased for USD 3.58 million and has an outstanding mortgage of USD 1.0 million.
Based on appreciation of surrounding properties, this parcel should appraise at USD 4 million in today’s
market.
Other Hard Costs refers to the construction of the on-site sales office and parking facilities, sales office
furnishings, fencing of the property and the required construction banners. Marketing Material and Media
Expenses refers to: creation of the projects web site, professional photography, 3-D rendering, creation of 3-
D model for the project and marketing brochures.
The Management and Administration Expenses include: Administrative Personnel, Office Equipment, Office
Supplies, Accounting Services, Business Plan, Travel expenses, Utilities, Logo Design and Trademark
Registration, among others.
Letters of Intent
The developer has received (LOI’s) for 163 of the 211 units for sale in TRIO TOWER. The (LOI’s) represent a
total pre-sales of USD 32,104,336. Brief expositions of each (LOI) are included below. Copies of the (LOI’s)
are included in the Addendum 2.
Dr. Gerardo Escalante López
Dr. Escalante, who is considered one of the leading in vitro specialists in the region, is the owner of the
Clinica California which is located in San Jose. There are over 160 medical specialists associated with the
Clinica California at its’ present location. The Doctor wishes to open a second facility in the complex and
would purchase 250 square meters of Commercial Space and 1,300 square meters of Medical Office
space. The agreed upon sales price is USD 3.628 million with a 3 deposits of 10% each payable throughout
the first 19 months of construction. The (LOI) is signed by Dr. Escalante.
A side note. The Interamerican Development Bank (IDB) offers a program in Costa Rica, which guarantees
the financing issued by approved local banks to private companies operating in certain service sectors.
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18. Dr. Escalante is in negotiations with the (IDB) and Banco Lafisse to receive backing for the purchase of the
entire Medical space offered for sale in Trio Tower. If Dr. Escalante is successful in his venture, a new (LOI)
would be issued.
Café KAV Group, LTD
Café KAV, a private corporation headquartered in Corona, California, has issued an (LOI) for the hotel
component of Trio Tower. The agreement establishes a sales price of USD 21,827,082 and stipulates for 3
deposits of 10% each to be made throughout the first 19 months of construction. Also included are 2 (LOI’s)
from Radisson Hotels to Café KAV: the first agreeing to become the flag operator of the hotel and the
second extending the expiration date of the first letter. Café KAV’s (LOI) is signed by Fred D. Jackson, the
firms’ CEO. Radisson Hotels (LOI’s) signed by Edgar Garin, VP Development for Latin America.
Escape Villas
Escape Villas is one of the largest property rental and management companies in the country. They
specialize in the short to mid term leasing of luxury homes and condominiums. They currently operate at 6
exclusive beach resorts and wish to expand to San Jose. The (LOI) is for the purchase of the 8 Penthouse
units located on the 14th level for a sales price of USD 3,177,023 and stipulates for 3 deposits of 10% each to
be made throughout the first 19 months of construction. The (LOI) is signed by Elie Dayan, owner and
President of Escape Villas.
Trio Business Lifestyle
Trio Business Lifestyle has issued a (LOI) for the 9 offices that comprise the Business Center located on the 5th
level of the complex. The sales price if for USD 3,472,231 and includes a down payment of 10% upon
closing. The (LOI) is signed by Rene Escalante Gonzalez, General Manager.
Sales Projections
Total Sales for TRIO TOWER are projected to be USD 49,066,160.57 million. The following table provides a
summary regarding the sales total per marketable component and the percent of total sales represented
by each component.
• Projected Sales • As % of Total
Sales
Commercial $ 5,173,628 10.47
Medical Centers $ 8,882,532 17.97
Medical Offices $ 3,418,683.60 6.92
Business Office Center $ 3,472,230.98 7.03
Extended Stay Hotel $ 21,827,081 44.17
Penthouse Level 1 $ 3,341,874 6.76
Penthouse Level 2 $ 3,296,381.50 6.67
Total Projected Sales $ 49,412,411.08
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19. Projected Expenses
Total Project Expenses are USD 36,214,712 million, which includes the developer’s investment in the project
to date. Total Construction Expenses, including projected interest, are estimated to be USD 32,352,618
million.
The table below provides a detailed summary of projected construction expenses:
• Projected Construction Expenses
Hard Costs:
Land Movement $ 778,125
Foundations $ 1,478,437.50
Underground Facilities $ 4,829,562.50
Building Structure $ 5,223,812.50
Exterior Jobs $ 1,245,000
Electromechanical $ 3,112,500
Air Conditioner $ 1,245,000
Elevators $ 363,125
Building Finished $ 1,867,500
Hotel Finished $ 2,801,250
Residence Finished $ 840,375
Land Cost $ 1,000,000
Other Hard Cost $ 109,500
Hard Costs: Sub-Total $ 24,894,187.50
Soft Costs:
Environmental And Preliminary Studies $ 0
Permits and Fees $ 248,803.25
Architecture And Engineering Design $ 325,000
Construction Inspections $ 544,500
Consulting Charges $ 375,000
Marketing Material And Media $ 148,560
Sales Expense $ 1,584,509.99
Management And Administration $ 1,554,013
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20. • Projected Construction Expenses
Legal And Contracts $ 93,750
Interest Expense $ 2,147,957
Bank Expenses $ 61,338
Source Founding Fees 1.5% over $25MM) $ 375,000
Soft Costs: Sub-Total $ 7,458,431.24
TOTAL: $ 32,352,618.74
The amount included for Construction Expenses refers to the fact that in Costa Rica all inspections are
handled by the Colegio de Ingenieros (Association of Engineers). The association provides member
engineers who are assigned all inspection duties associated with the building’s construction. Each
engineer is responsible for handing all inspections and providing the appropriate governmental entities with
progress reports. A fixed percentage rate of total construction costs is provided to the association to cover
all expenses.
Sales Expense is the projected commission to be paid to realtors and/or sales staff for units sold.
Management and Administration Expenses include project management fees in addition to items listed in
the section titled “investment to date”.
Construction Loan/Line of Credit Required
To date the developer has invested a total of USD 3.86 million in Land Acquisition, Architectural and
Engineering Designs, Project Permits and the construction of the on-site Sales Office. The project only
requires the INVU and the Final County Permits to commence construction, a process which would take 60
days from the date of notification of project funding. This 60 day period would also be utilized for a
selective bidding process to award the construction contract.
Total Projected Sales for the project are set at USD 49,066,160.57 with Total Projected Expenses set at USD
36,214,712. The Projected Expenses include the developer’s investment in the project to date. The (LOI’s)
received thus far represent 65% of total projected sales.
Costa Rica allows the use of sales deposits for construction purposes. Upon project funding, the (LOI’s) are
to be converted into sales contracts that would stipulate that 3 deposits of 10% would be made within the
first 19 months of construction, with the balance due after final inspection of the units by the buyers.
Taking in to consideration the positive cash flow generated by the sales deposits, the developer would
require a USD 25 million line of credit to build Trio Tower. Use of funds would be specifically for construction
purposes and to anticipate for any deferred deposits and unexpected construction delays..
Exit Strategy
Once the project is funded, the (LOI’s) from each pre-approved client would be converted into sales
contracts. The sales contracts would represent 128% of the total funds solicited for construction purposes.
Taken together with the developer’s investment in the project they would represent 111% of total
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21. Construction Expenses. Any reduction in sales price of unsold units necessitated by any future unforeseen
economic developments would solely impact the developers net profit, not his ability to repay the line of
credit and the associated interest payments. Even if pricing of space left for sale had to be reduced by
90%, the developer would still be able to pay off the financing and interest charges.
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22. Addendum 1 - Financial Statements
Projected Profit and Loss Statement
Projected Revenues: Projected Earnings:
Commercial $ 5,142,377.60 Projected Revenues $ 49,066,160.57
Medical Center $ 8,732,381.60 Less Projected Expenses $ (34,066,754.74)
Medical Offices $ 3,418,683.60
Business Office Center $ 3,472,230.98 EBIT: $ 14,999,405.83
Extended Stay Hotel $ 21,827,082.50 Interest Expense $ (2,147,957.00)
Penthouse level 1 $ 3,177,022.80 Income Tax Expense $ (1,443,103.81)
Penthouse level 2 $ 3,296,381.50
TOTAL $ 49,066,160.57 Net Profits $ 11,408,345.02
Projected Expenses:
Hard Costs:
Land Movement $ 778,125.00
Foundations $ 1,478,437.50
Underground Facilities $ 4,829,562.50
Building Structure $ 5,223,812.50
Exterior Jobs $ 1,245,000.00
Electromechanical $ 3,112,500.00
Air Conditioner $ 1,245,000.00
Elevators $ 363,125.00
Building Finished $ 1,867,500.00
Hotel Finished $ 2,801,250.00
Residence Finished $ 840,375.00
Land Cost $ 3,587,293.00
Other Hard Cost $ 182,000.00
Hard Costs: Sub-Total $ 27,553,980.50
Soft Costs:
Environmental & Prelim Studies $ 140,800.00
Permits & Fees $ 248,803.25
Architecture & Engineering $ 825,000.00
Construction Inspections $ 544,500.00
Consulting Charges $ 375,000.00
Marketing Material & Media $ 187,560.00
Sales Expense $ 1,584,509.99
Management & Administration $ 2,066,513.00
Legal & Contracts $ 103,750.00
Bank Expenses $ 61,338.00
Funding Fees (Sourcing) $ 375,000.00
Soft Costs: Sub-Total $ 6,512,774.24
TOTAL: $ 34,066,754.74
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23. Projected Cash Flow By Year
Worst Case Basis
Gross Revenues Year 1 Year 2 Year 3 TOTAL
Commercial $ 187,500.00 $ 437,500.00 $ 4,517,378.00 $ 5,142,378.00
Medical Center $ 900,900.00 $ 2,102,100.00 $ 5,729,382.00 $ 8,732,382.00
Medical Offices $ 0.00 $ 0.00 $ 3,418,683.60 $ 3,418,683.60
Business Office
Center $ 0.00 $ 0.00 $ 3,472,230.98 $ 3,472,230.98
Extended Stay Hotel $ 4,365,416.00 $ 17,461,665.00 $ 0.00 $ 21,827,081.00
Penthouse Level 1 $ 623,404.00 $ 311,702.00 $ 2,241,917.00 $ 3,177,023.00
Penthouse Level 2 $ 0.00 $ 0.00 $ 3,296,381.50 $ 3,296,381.50
Total Revenue By
Year $6,077,220.00 $20,312,967.00 $22,675,973.08 $49,066,160.08
Construction
Expenses
Land Movement $ (778,125.00) $ 0.00 $ 0.00 $ (778,125.00)
Foundations $ (1,478,437.50) $ 0.00 $ 0.00 $ (1,478,437.50)
Underground
Facilities $ (4,829,562.50) $ 0.00 $ 0.00 $ (4,829,562.50)
Building Structure $ (5,223,812.50) $ 0.00 $ 0.00 $ (5,223,812.50)
Exterior Jobs $ (933,750.00) $ (311,250.00) $ 0.00 $ (1,245,000.00)
Electromechanical $ (2,739,000.00) $ (373,500.00) $ 0.00 $ (3,112,500.00)
Air Conditioner $ (1,095,600.00) $ (149,400.00) $ 0.00 $ (1,245,000.00)
Elevators $ (272,343.75) $ (90,781.25) $ 0.00 $ (363,125.00)
Building Finished $ (1,139,175.00) $ (728,325.00) $ 0.00 $ (1,867,500.00)
Hotel Finished $ (1,624,725.00) $ (1,176,525.00) $ 0.00 $ (2,801,250.00)
Residence Finished $ (252,112.50) $ (588,262.50) $ 0.00 $ (840,375.00)
Land Cost $ (1,000,000.00) $ 0.00 $ 0.00 $ (1,000,000.00)
Other Hard Cost $ 0.00 $ (112,000.00) $ 0.00 $ (112,000.00)
Environmental &
Preliminary Studies $ 0.00 $ 0.00 $ 0.00 $ 0.00
Permits and Fees $ (248,803.25) $ 0.00 $ 0.00 $ (248,803.25)
Architecture&
Engineering Design $ (325,000.00) $ 0.00 $ 0.00 $ (325,000.00)
Inspections $ (393,000.00) $ (151,500.00) $ 0.00 $ (544,500.00)
Consulting Charges $ (281,250.00) $ (93,750.00) $ 0.00 $ (375,000.00)
Marketing Material
And Media $ (49,533.33) $ (49,533.33) $ (49,533.33) $ (148,599.99)
Sales Expense $ 0.00 $ (859,083.80) $ (725,426.18) $ (1,584,509.98)
Management And
Administration $ (368,000.00) $ (546,000.00) $ (640,013.00) $ (1,554,013.00)
Legal & Contracts $ (12,000.00) $ (69,750.00) $ (12,000.00) $ (93,750.00)
Bank Expenses $ (57,338.00) $ (4,000.00) $ 0.00 $ (61,338.00)
Funding Fees
(Sourcing) $ (375,000.00) $ 0.00 $ 0.00 $ (375,000.00)
Interest Expense $ (811,835.47) $ (1,172,892.57) $ (163,229.12) $ (2,147,957.16)
Total Expenses By
Year $ (24,288,403.80) $ (6,476,553.45) $ (1,590,201.63) $ (32,355,158.88)
Projected Yearly
Disbursements $ (18,211,183.80) $ 13,836,413.55 $ 21,085,771.45
Projected Yearly
Cash Balance $ (18,211,183.80) $ (4,374,770.25) $ 16,711,001.20
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24. Assumptions - Projected Cash Flow By Year
• The information contained in the Projected Yearly Cash Flow Statement is a summary taken from
the Projected Monthly Cash Flow Statement
• Only 3 of the 4 (LOI’s) are converted to sales contracts to be utilized in the projections
• Purpose is to calculate repayment capability based on solely on (LOI’s). As such there are no
additional sales closings until the final month of the project
• The interest, set at just over 7%, is utilized solely for showing repayment capability. Actual interest on
the financing would be negotiated between the developer and provider of financing
• The highest negative cash flow balance of USD 20,966,466.28 occurs in month 19 and is drastically
reduced shortly thereafter
• Ending balance on month 35 is negative USD 1,883,911.06 with just over USD 20 million in space left
for sale
• Even if pricing of space left for sale had to be reduced by 90%, the developer would still be able to
pay off the financing and interest charges
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25. Addendum 2 - Letters of Intent
The Hotel - Cafe KAV Group
Effective for Levels 6 - 13.
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26. The Hotel - Radisson Hotels, Original Letter of Intent Pg. 1
For operation of the hotel under their brand.
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27. The Hotel - Radisson Hotels, Original of Letter of Intent Pg. 2
Second page of the (LOI).
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28. The Hotel - Radisson Hotels, Extension of Letter of Intent
Extends the date of the original (LOI)
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29. Commercial and Medical Area - Dr. Gerardo Escalante López
Effective for 1300 sq. meters in the Medical Center and 250 sq. meters of Commercial Space.
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30. Penthouse Level 1 - Escape Villas
Effective for the 14th level in its entirety.
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31. The Business Center - Trio Business Lifestyle
Effective for the entire 5th level of the complex.
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32. Addendum 3 - Floor Plans
Level 1 - Commercial Area
Ground floor of the complex with 15 spaces for sale.
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33. Levels 2 to 5 - The Medical and Business Offices
There are a total of 36 spaces, 9 per floor.
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34. Levels 6 to 13 - The Extended Stay Hotel
There are 144 units in total.
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35. Levels 14 to 15 - The Luxury Penthouse Residences
There are 8 residences per floor.
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36. Underground Levels 1 to 5 - The Parking Facilities
There are 19 above ground and 353 underground parking spaces available.
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37. Acknowledgement
The original business proposal including all financial tables has been
prepared by Lic. Jorge Montero Pochet of San Jose, Costa Rica.
Capital Investments & Associates has edited the original proposal.
All Rights Reserved
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