One developer experiencing this success first hand is Infinity Global Development Group, a luxury condominium developer in South Texas. Infinity's first project in Mission is Vantage Luxury Condos, a mid-rise condominium tower that will bring a fresh contemporary style of living to the area. Just three months after breaking ground, Vantage has already sold 91% and has announced the development of two more luxury condominium communities in Mission.
"Prices are just too high throughout the rest of the country," said Fernando Rivera Garcia, CEO of Infinity Global Development Group, LLC. "There is a tremendous demand for quality housing construction here in South Texas because land prices and construction are still reasonably priced. We're selling units much faster than we can build them."
Many of the Vantage buyers are successful Mexican national business owners, with another significant portion selling to retirees who find the year-round tropical weather and border lifestyle in Mission to their liking. Mission and neighboring communities McAllen, Edinburg, Weslaco, Harlingen and Brownsville make up what locals call the Rio Grande Valley of South Texas. "Valley" population has doubled to more than one million residents in the last decade. The population influx, driven by international trade and border security, has kept retail and housing markets strong in Mission/McAllen and population is projected to double again by 2025 on the American side.
"This is a very unique International area," explains Pat Townsend, CEO of the Mission Economic Development Authority. "Communities on both sides of the border have been very cooperative in recent years in helping to make the area economy strong and secure for all of us who live here." Eight international bridges now connect South Texas with the industrial border communities of Reynosa, Matamoros and Monterrey, Mexico. Together, regional population totals more than 5 million with the Mission/McAllen area being their nearest U.S. retail market. A new International Bridge (Anzalduas International Bridge) is on track to open in 2009 linking Reynosa, Mexico to Mission, and yet another international crossing has just been announced 15 miles to the east.
"More companies are finding out about us and relocating here every day," said Townsend. "These little border towns have transformed into a real American city."
