BY CHRONICLE STAFF
Michael Cobb is going full speed ahead with his mega-project in Nicaragua - the Gran Pacifica Beach & Golf Resort. The project includes condominiums and villas next to a golf course and beach on Nicaragua's Pacific coast, one hour north of capital Managua. So far, the company has invested $14 million and now plans to start two new condo buildings worth $4 million.
Cobb, the U.S.-born CEO and co-founder of the project, is not deterred by Daniel Ortega, a leftist former president who returned to Nicaragua's presidency in January. "The reality is that President Ortega is saying the right things and doing the right things," he says. "Private property rights are being protected...The local economy is humming right along."
Other investors include U.S.-based International Textile Group, which is building a $100 million, Cone Denim assembly factory in Nicaragua, and Carlos Slim, Latin America's third-richest man, who is boosting business and social investments in the Central American country. "In Nicaragua there are a lot of opportunities for investment," Slim said after meeting Ortega in Managua last month.
The investments stand in contrast to...