1. Q: When is construction of Itz’ana going to begin and end?
Construction began in November of 2015 and continues through 2018. The Resort will open at the end of 2017.
2. Q: Will Itz’ana handle the management and rental of my home?
The same dynamic team that launched Ka’ana will manage Itz’ana. Ka’ana has become world renowned as an inland adventure site and the team is excited to offer a beach resort as an elite luxury base camp. The owners will enjoy passive income for their units through a fully managed rental program. The entire ownership process: utilities and services, rental, and maintenance are managed for the owners.
3. Q: Are there any guarantees on rental income?
While there are no guarantees on rental income, we will provide a range of expected occupancies and nightly rental rates based on extensive research of Placencia and current occupancy rates of Ka’ana. Placencia is an emerging hot spot and we anticipate high interest and strong returns. Also, low management and resort fees contribute to a strong return.
4. Q: Is the rental management a program or a pool?
The rental revenues an owner will receive are based on their individual residence, which is commonly referred to as a “program.”
5. Q: Are owners required to participate in rental program?
Purchasers are required to execute a rental management agreement as this agreement outlines their property’s relationship with the resort and establishes the resort as the manager for all maintenance activities.
6. Q: Who are the builders? The architects?
The lead architect is Roberto de Oliveira Castro. He is part of the Northeastern faculty that recently was awarded the Boston Society of Architects Design Award for the Museo Maya de America in Guatemala. The Construction Management Company is PDG (www.projectdeliverygroup.com) who are known for delivering luxury resorts throughout the region.
7. Q: When will Phase 1 be completed and Itz’ana open?
Phase 1 construction is in progress and we plan to have the Lagoon Residences and Marina facilities completed by the Q1/Q2 of 2018. The amenities and units on the beach will be completed by the end of 2017.
8. Q: What are the management fees?
The management fees are extremely low for the luxury appointments and services to be provided at Itz’ana. Lagoon residence’s fees are estimated to be $.45 per square foot of interior space and Beachfront residences fees are estimated to be $.55 per square foot. The fees are of two types: maintenance and resort. Maintenance fees cover the maintenance and upkeep of the exteriors and common areas while the resort fees cover the owner’s access to the resort’s amenities.
9. Q: Who pays for the utilities like electricity and water?
The owner is responsible for the costs of all utilities, however, the resort will handle all payment processing and accounting. Utility payments will be paid from owner’s accounts that can be funded with their rental returns.
10. Q: Do the units come furnished? Where is furniture coming from?
The residences are all furnished to provide consistent quality. Handcrafted items from Belize and the surrounding region will be complimented by elite appointments from around the world, creating the ultimate in unique luxury interiors. Samual Amoia, the interior designer, brings an elite pedigree of success and a personal desire to create unique furnishings and interiors.
11. Q: Who is the interior designer? Can owner make changes?
Renowned interior designer Samuel Amoia is our lead designer. Amoia’s passion for interior design originated with his extensive international travel, which has allowed him to experience, first hand, some of the world’s most prestigious living environments. He has worked for industry leaders Ian Schrager and Hotels AB (Andre Balazs). Most recently, Amoia worked closely with interior designer Stephen Sills, hailed as one of the most influential forces in the field today.
The furnishings, fixtures, and appliances are all chosen by the design team in order to create a consistent aesthetic and maintenance. Change requests would require approval.
12. Q: Does the developer have a construction bond to ensure completion?
The developer has issued a personal guarantee for the project’s completion. The construction works are fully insured. Construction bonds are not common in Belize but the developer’s intent is to provide buyers a secure process. To this end, all stages of construction completion are certified by PDG and required by Stewart Title of Latin America as a condition of property owner’s funds transfers. The developer takes the burden of constructing each phase of construction prior to requiring payment. After each construction phase is completed and certified, the purchaser is then required to pay for the works thereby limiting owner risk.
13. Q: What is Itzana doing to protect the environment?
Itz’ana is at the forefront of a global shift towards local responsibility and intelligent design. Every aspect of the design and selection process will be focused on efficiency and environmental logic. From LED path lighting and energy efficient appliances to locally crafted furnishings and salt-water pools, the resort will set a new standard for responsibility. We are using solar power as part of our on-site power generation and we’ve incorporated solar power into the design of our 1BR Solar Lofts. For a complete list, please contact us.
14. Q: Does the resort process its waste in a responsible way?
Yes, Itzana will have an onsite wastewater management system.
15. Q: How far is the airport from Itz’ana?
The International airport is a forty-minute flight from the Placencia airport or a gorgeous three-hour drive. The local airport is just 1.5 miles from us.
16. Q: How far is the nearest hospital from Itz’ana?
The closest hospital is in Belize City, a forty-minute plane ride away. A clinic with US-trained doctors is being built in Placencia.
17. Q: What activities are in the area?
Placencia is growing and transforming from a sleepy fishing village into an international destination. Placencia has caught the eye of expats and global travelers. New restaurants are flourishing as a local food scene emerges. There are countless adventures to explore from the luxury base camp at Itz’ana: world-class diving, yachting, kayaking, paddle boarding and tours to local Cayes, Mayan ruins, chocolate estates, and local parties are a must!
18. Q: Can an owner dock a boat at Itz’ana?
Owners have privileged access to Itz’ana marina docks and can be booked in advance as a residence owner. The home-front docs are designed for access and egress but not for long-term docking.
19. Q: Can an owner purchase a dock, or lease one for permanent storage?
Docks may be leased as available by owners.
20. Q: What length boat could dock in the lagoon?
We can accommodate up to a 65-foot boat with an 8-foot draft.
21. Q: What security measures are in place at Itz’ana?
Itz’ana will have full-time security throughout the resort.
22. Q: Is the resort kid friendly?
Yes, Itzana welcomes the entire family. Like Ka’ana, our staff is trained to service levels that provide for the needs of all family members. We will have a separate kids zone with a pool that is planned for Phase 2 construction.
23. Q: Are there any advantages for Itz’ana residence owners with regards to Ka’ana or securing extra rooms for guests at Itz’ana?
Itz’ana’s owners will have privileged access and preferred rates at Ka’ana and Itz’ana.
24. Q:What is the schedule of payments due on the construction of my residence?
Initially, purchasers will reserve their residence with a 10k refundable deposit, which reserves the property in their name for 45 days. Within 45 days, the purchase agreements will be executed and the initial deposit of 20% of purchase price will be wired. Deposits of 25% will be wired with the completion of the following construction stages: foundation, walls, and “substantial completion.” The final 5% will be due at title transfer.
25.Q: What’s included in the prices? What about the interior, furniture etc?
The Cottages and Villas all come fully furnished and it is included in the price.
Our interior designer, Samuel Amoia, is an exceptional talent. He’s designing furniture and using local artisans from Belize and Guatemala to produce a signature line. We are excited about this and we intend to offer these designs to others…we’ll share details as they unfold! There is an optional pool available for 2BR units and up that isn’t included in the price.
26. Q: Can the cottages be freely sold again to anybody or do you have specific rules, arrangements…?
Yes, they can be freely sold. The only restriction regards the inability to place signage on site (as it is a functioning resort).
27.Q: How is this project financed?
We’re fortunate to have strong private backing, which has enabled us to begin construction prior to the sales cycle. The Development team is led by Fernando Paiz who is currently building 5 Hyatt Projects in Central America with approximately 400,000 sq./ft of hospitality space under construction. We couldn’t ask for a more respected or experienced team.
28.Q: As foreign investors, are there specific issues we need to take into consideration? Title in Belize is based on British Common Law and is considered quite reputable. You’ll need an attorney to help you set up your holding co. and complete transaction. Depending on your plans for your income from the property, they may have specific recommendations, such as a foreign holding co., to mitigate future considerations. All is pretty straightforward. We can refer you to a number of respected attorneys at any time.
29. Q: Are there specific tax considerations you are aware of?
Belize has minimal property taxation (estimated at $100-$300 USD per year!). Itz’ana purchase prices include a GST( General Sales Tax of 12.5%), which is paid by the developer. There is a stamp duty of 5% on the initial purchase that will be paid by the purchaser.