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MIAMI-With plans to invest more than $1 billion in Latin American real estate over the next two years, the locally based Related Group Inc. has formed a new subsidiary, Related International.

Among projects Related International will develop are the $200-million ICON Vallarta, a 343-unit condominium project on five acres in Puerto Vallarta, Mexico. Architects on the project are Yoo by Philippe Starck and Arquitectonica. Construction on the project will begin in mid-2007 with prices for the units ranging from $200,000 to $1 million.

“We’re excited to bring our style of development to Latin America,” says the Related Group CEO Jorge Perez. “This is not a cookie cutter, throw it up and run venture. We’ll embrace the Latin American culture and develop truly urban landmarks that center upon the arts, history and beauty of the area.”

The new group also plans to develop condominiums and hotels in other tourist locations in Mexico, including Acapulco, Cabo San Lucas, Playa del Carmen and Zihuatanejo. Other areas targeted for development that the company is researching include Costa Rica, Panama, Colombia, Argentina and Uruguay.

“We’re looking for the gems of Latin America where we can embrace the natural environment and help create a more attractive area through urbanization,” says Related International president Roberto Rocha.

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