Grupo del Blanco, a Hidalgo, Mexico-based housing construction company, and Federal Development, a Washington, DC-based real estate development company, have formed a joint venture to develop homes and resorts in Mexico, according to an August 27, 2008 report in El Financiero. 

The first project of the joint venture will be a US$500 million development called Golf & Resort, Real del Monte, located to the north of Mexico City.  The project will include homes, a golf course, and the longest synthetic downhill ski run in North America.

The President of Grupo del Blanco, Ernesto del Blanco Arjona, said in the report that vacation and retirement homes have been the fastest growing segments of the Mexican real estate market in recent years, with annual growth in excess of 80%.  He said that experts forecast sales of 25,000 homes in Mexico with a value of $9 billion in 2008.  Annual sales were expected to rise to 40,000 homes by 2010, he added. 

John Infantino, President of Federal Development, said in the report that the joint venture expected to develop projects in Mexico City, in Mexico’s beach communities, and other regions.  (In other words, anywhere the group finds opportunities.)