October Update...

All apologies for the delay on this month's Newsletter, there have been rumblings from our construction lender that we might have some "hard facts" to share with all of you in regards to a construction schedule, so we decided to wait as long as we could. Unfortunately, a date for resuming construction could not be given at this time. Even with this vital piece of information being unavailable right now, there is much good news to report. Finally, after months of progress on the interior of the building, work on the exterior has begun and is visible from the highway as people pass by. This has done much to re-create interest in the Residences and THEHOTEL with the local real estate community. We will do everything we can to get photos up on the site for you to view very shortly.

Through this difficult "waiting period" there has been a couple of bright spots to focus on, the first being this work on the outside of the building. For months now, there have been many comments from reservation holders and the local real estate community inferring that construction had stopped at the Residences for no progress could be seen from the street or the outside of the building. For those of you that have visited over these past few months, you know that our small construction crew have framed, got rough installations in place and dry walled the entire South Tower and most of the Villas. So, now there is more movement of the exterior of the building. Our stone contractor is presently installing some of the detail stonework on the front of the Residences building, which has caused more than a little curiosity with the locals. There are rumors that construction has resumed at the Residences and will be moving forward. All of this is great publicity for us, we all need some "good news" right now and having this interest focused on us is great!

As, I have personally told many of you via phone or email, funds have been released for our "roofing" contractor to start back on all three buildings, the North Tower, the South Tower and THEHOTEL. Also, there is talk of taking the necessary steps to get the elevators operating within the building. Another big step is that the bids have been turned in for completion of the courtyard level between the North and South Towers. It may be slow, but the reality is there is forward movement and steps toward completion are being taken. In these difficult times on both sides of the border, all of this should be very encouraging for everyone involved with our two projects. Each step that can be taken must be looked at as our commitment to find a solution to this very troubling situation and each step gets all of us that much closer to our ultimate goal of completing and delivering your luxury oceanfront condominium.

In the past few weeks, we have received a few "panicked" phone calls and probably for good reason, as the media in the U.S. continue to broadcast frightening economic news, many people tend to look at their own changing situations and focus their attention on decisions they made in the past. As a result of many things beyond the control of any of us, we find ourselves in a not so pleasant situation together and different people tend to react differently. Frustration, fear, anger are common reactions to these types of circumstances, most of these reactions are rather valid, but the reality of the situation is that we are here every day looking out for the best interest of the projects and the people involved. As we get closer to a solution with our construction lender, it becomes more sensitive, we need your support, and we need your belief in the concept of a "different" type of project in Northern Baja. Please, I personally invite all of you to visit the projects, come re-acquaint yourselves with the dream that you held when you made your reservation on your property and re-acquaint your selves with this beautiful area that we all love and enjoy. There is much to be positive about regarding the future of Baja, the future of the Residences, THEHOTEL and One Eleven. The story may be less than perfect, but the ending is going to be great!

Michael Coskey

Please Visit: www.THEHOTELBAJA.com

Sales Office Hours: Monday through Saturday 9:00am until 4:30pm. Closed Sundays.

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