LA PAZ – The Ayuntamiento de La Paz approved a master development plan for the Marina District waterfront area. The plan authorizes construction of approximately 2,000 residential units and 45,000 square meters of commercial space. Additionally, it includes a redesigned public malecón stretching from Marina Palmira east to the Mogote peninsula ferry landing. Specifically, IMPLAN La Paz developed the plan, and the city adopted it under the’s Plan Municipal de Desarrollo 2024-2027, It sets height limits, density caps, and mandatory public access corridors along the entire waterfront.
Residential and Commercial Development
The residential component includes a mix of condominiums and townhomes. According to early listings, price points range between $180,000 and $450,000 USD for units of 80 to 180 square meters. For example, the Laiva luxury condominiums near the existing marina have already broken ground. They offer 15 high-end units starting at roughly $350,000 USD. Notably, the plan requires that at least 20% of new housing meet affordable price thresholds. This provision was pushed by La Paz’s growing service-sector labor force.
Furthermore, commercial space along the waterfront will house restaurants, retail, and marine services. A proposed artisan market modeled on the Mercado de Artesanias on Calle Chiapas is also planned. Meanwhile, IMPLAN’s environmental review mandates a 30-meter setback from the high-tide line. It also requires stormwater runoff systems to prevent discharge into the bay. This is important because the bay supports a commercial fishing fleet and serves as the departure point for whale shark tours.
Impact on Foreign Buyers
For American retirees and second-home buyers who have driven much of La Paz’s real estate growth, the master plan provides a regulatory framework that should reduce the speculative chaos that characterized Los Cabos development in the early 2000s. Property purchases by foreigners in the Marina District require a fideicomiso (bank trust), with annual trust fees typically running $500 to $800 USD through banks including Monex, Scotiabank Mexico, and BBVA Mexico.