Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MEXICO CITY-He’s been south of the border before, but this time Joseph Sitt is going big with a joint venture partnership. Known as Thor Urbana Capital, the JV with 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 new Brazil and the opportunities going forward look plentiful,” says Sitt, chairman of Thor Urbana as well as CEO of Thor Equities and Thor High Street Advisors, in a statement. “Mexico has all of the favorable conditions to lead to asignificant real estate boom largely unseen in developing markets to date.” In a recent interview with Bloomberg, Sitt said Thor Urbana would look to develop as much as 18 million square feet across Mexico. First order of business, though, will be nearly a full block of high-end retail along Quinta Avenida, a busy shopping boulevard in Playa del Carmen, south of Cancun. Coincidentally or otherwise, the street’s name translates as Fifth Avenue.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.