NEW YORK CITY-He’s been south of the border before, but thistime Joseph Sitt is going big with a joint venturepartnership. Known as Thor Urbana Capital, the JVwith Mexican developer GFa Grupo Inmobiliario is starting with a$500-million commitment from a Canadian institutional investor.

“Each and every day, Mexico looks more and more like the newBrazil and the opportunities going forward look plentiful,” saysSitt, chairman of Thor Urbana as well as CEO ofThor Equities and Thor High StreetAdvisors, in a statement. “Mexico has all of the favorableconditions to lead to a significant real estate boom largely unseenin developing markets to date.”

In a recent interview with Bloomberg, Sitt said Thor Urbanawould look to develop as much as 18 million square feet acrossMexico. First order of business, though, will be nearly a fullblock of high-end retail along Quinta Avenida, a busy shoppingboulevard in Playa del Carmen, south of Cancun. Coincidentally orotherwise, the street’s name translates as Fifth Avenue.