On Friday, October 11th, Black Iron Development Inc., a real estate investment firm focusing on acquiring and modernizing over 2,000 apartment units, large condominium complexes, and hundreds of single-family homes, announced the launch of its latest project, Platinum Beach. The development boasts electricity, internet, and a primary private road. Additionally, several beachfront resorts are located nearby. Lot sizes range from 5500 to 5800 square feet, approximately 1,000 feet to the east. The project’s plans include a luxury hotel, a spa, and sixty buildings, all planned to be on waterfront lots. After the land purchase, the project began two years ago, in 2022, and is now effectively selling properties.
San Pedro is the fastest-growing and most popular destination in Belize and the Caribbean. It is recognized as a key hub for development, offering substantial financial opportunities for developers. Reports suggest that these opportunities may diminish within the next five years, highlighting the importance of timely investment, mainly as Ambergris Caye develops.
The proposed project has advantages and disadvantages. While some island residents are excited about the new development, others are dissatisfied, expressing concerns that there is no more space for such large projects or housing for the staff needed to operate such a property. Recently, significant growth and infrastructure work have been done, which some believe is diminishing the island’s charm.
An old resident, who wished to remain anonymous, shared their perspective: “While we are pleased that developers are interested in investing in our island, I believe we should avoid adding more buildings. It takes away from the unique charm of San Pedro, which is why tourists choose to visit us. Although we are excited about the potential for new job opportunities, we are not happy to hear that more buildings are planned.”
In response to these concerns, the San Pedro Sun spoke with Councilor Ernesto Bardalez, who oversees various portfolios, including Tourism, Public Utilities, Public Relations, Customer Service, Roadworks and Infrastructure, Communication and Consultation Services, and NEMO in San Pedro. When asked for his perspective on the new project and its potential effects on development and tourism in Ambergris Caye, he responded, “In my opinion, this development is significant for the island. While pros and cons exist, I prefer to focus on the positives. Firstly, it will create numerous job opportunities for our local population. With such an important and internationally recognized project, improving infrastructure and utility services will become a priority. This will benefit not only the project itself but also the residents in the area. It’s fantastic to have a major company investing in our country, specifically our island, putting us back in the international spotlight in the tourism industry. The arrival of powerful and influential investors shows that we are on the right track and should be proud!”
Ralph Giannella, the founder of Black Iron Development Inc., reflected on his decisions, stating, “I was too young to pursue real estate opportunities in Cancun, missed out on Cabo San Lucas, passed on Costa Rica, and was preoccupied when Tulum was developing. However, I am not overlooking Belize.” He emphasized, “Belize is emerging as the prime location for development in the Caribbean. I see numerous significant opportunities for developers in Belize, but these could disappear within five years. Timing is crucial, and Ambergris Caye is currently experiencing notable activity. Once completed, Platinum Beach will become an exclusive luxury resort destination, blending high-end living with exceptional financial returns for investors. Black Iron Development is already working on establishing strategic partnerships with esteemed global hospitality and design brands.
For over 25 years, Giannella and his company, Black Iron Development Inc., have been key in pioneering major real estate development projects. Giannella has a diverse entrepreneurial background, including founding the San Diego-based Bank of Internet during the early days of the Internet. This venture eventually led to a public listing, and the institution, now known as Axos Bank, is currently traded on the New York Stock Exchange with a market capitalization exceeding $3 billion.
During a recent media interview, investor Sara Jensen explained her reasons for investing in a specific property. She stated, “When we looked at Belize, we said this is the path of progress, then we broke it down even further. We went to Ambergris Caye, which is the top tourist destination and the top destination for retirees. And then we looked at the island itself and asked ourselves where the path of progress is, and said, well, if you look at the south of the island, it’s crowded. And so, we got a killer deal on land and now sell very inexpensive lots. Where people can build a house someday, offering lots as low as USD 49,900.”
While opinions on the island’s development vary, some people are excited about the opportunities it brings, while others are less enthusiastic, especially considering the environmental impact of natural habitats.