In 2004, a group of developers planned a 5,000-unit resort with seaside homes 20 minutes from the village of Loreto.
In 2007, Citibank invested in the development, but, citing global economic conditions, the Mexican development company, TSD Loreto Partners, suspended construction and operations in June 2009.
As of June 2009, fewer than 800 units were sold, and some of those remain unfinished. In July 2009, Beck Loreto, a construction company, stepped in to continue home construction.
The village of Loreto is home to 15,000 people, but, like everywhere else, they and their community are are at the mercy of the global economy, and it is unclear when or if the development will be finished as it was once planned.
In June 2009, Fonatur, Mexico's tourism agency, said it was seeking custody of the 155-room Inn at Loreto hotel and golf course, both of which have closed, until a buyer could be found.
