Jonathan, you studied at the Iberoamericana in Mexico City, worked at GFA México developing new business, and
then co-founded Estrategia Urbana. But real estate development is one of the few industries where the most
important education happens on the site, not in the classroom. What was the project — or the mistake — that taught you the most about how this business actually works?

The pandemic was my greatest challenge and my greatest lesson. We had credit already disbursed, construction well underway, and sales collapsed overnight. The project was running substantial losses. The decision looked complicated on paper, but at its core it was simple: we could cut standards to exit quickly, or inject our own capital, absorb the loss, and deliver 100% on our commitments to both clients and investors.

We chose the second path without hesitation. You never sacrifice the brand to save a number. That decision defines who you are as a developer, and I have never regretted it.

Estrategia Urbana co-developed three multifamily buildings in Mexico City with CCLA Group, backed by GIC —
Singapore’s sovereign wealth fund — and CIM Group. That is not typical capital for a mid-sized Mexican developer.
How did you get to that table — and what did operating with institutional global capital change about how you build?

A mutual friend brought the group together and introduced the opportunity. They were looking for a co-developer in Mexico City. What followed was eighteen months of due diligence — they interviewed every senior member of our team one by one, reviewed our compliance, our capabilities, and how each of us thinks. It was rigorous and demanding. But what I value most from that experience was not the capital — it was the structure. The way GIC and CIM taught us to analyze projects, build processes, and operate to
institutional standards became one of the foundational pillars of Estrategia Urbana. Without that joint venture, we would not be the company we are today.

You compete in the Maccabiah Games — the Olympic Games of the global Jewish community. You have written
publicly that the discipline of athletic competition translates directly into how you build at Estrategia Urbana. What
does sport give a developer that business school cannot?

I compete in 11-a-side football — full pitch — in the over-45 category at the Maccabiah Games, the Olympic Games of the global Jewish community. What sport gives you that no MBA can teach is real-time pressure management. On the field you cannot pause, you cannot ask for a second opinion, you cannot wait for the consultant’s report. You have to read the play, decide, and execute. That is exactly what real estate
development demands. Sport also teaches something deeper: that the best results are built as a team, and that resilience is not a concept — it is something you train every single day.

The northern Baja California coast has been a destination for luxury residential development since the 1960s — San
Antonio del Mar was built for American buyers before the freeway existed, and Real del Mar followed decades later.
You arrive with a different product model and international institutional capital behind it. What did you read in
this market in 2022–2023 that convinced you this was the moment for that specific kind of project?

On my first visit to Tijuana I was taken on a full tour of the market. What surprised me was the absorption — there was real, consistent demand. But what caught my attention most was the gap between what buyers were paying and what they were receiving. The construction quality and the level of product conceptualization left enormous room for improvement. That was the opportunity: not to invent a new
market, but to raise the standard in one that already existed and had proven demand. That, combined with the binational dynamic and the price differential against San Diego, gave us the conviction to enter.

NAOS is not a new project — it is a stalled development that you took over and relaunched. That is a fundamentally
different challenge than building from scratch. What did you find when you inherited that site, and what did it take
to convince 280 people to show up to a launch event and 43 of them to buy on opening day?

NAOS was one of the most complex deals we have ever closed as a group. It was not building from scratch — it was aligning multiple parties with different interests, resolving an inherited situation with all its legal, financial, and trust-related complexity. The key was reputation: the parties involved agreed to renegotiate their terms because they knew we would not fail them. That kind of trust is only built through years of delivering on your word. On launch day, 280 people showed up and 43 bought. For us that was not just a
commercial result — it was confirmation that the resilience of the team, the vision, and the name we have built over the years are worth more than any marketing campaign. At Estrategia Urbana we do not know how to give up, and NAOS is the clearest proof of that.

Both The Wavve and NAOS are explicitly marketed to the Pacific Southwest buyer — the San Diego resident, the
Mexican-American family, the remote worker who wants ocean views at a fraction of California prices. That buyer has been arriving on this coast for sixty years. What is different about them now compared to the buyer that San Antonio del Mar and Real del Mar were built for?

The buyer has evolved because the product has evolved — and vice versa. The buyer from decades ago came looking for an affordable second home by the beach, with expectations that matched what the market offered at the time. Today’s buyer arrives with a much higher standard of living: they know Cabo, they know Miami, they know what is being built on the best coastlines in the world — and they want that at a fraction of the California price. Beyond that, the region has matured. We now have road infrastructure, connectivity,
and projects designed with world-class amenities and a genuine focus on wellness. What we are delivering at THE WAVVE and NAOS is fully competitive with the best coastal real estate markets in North America.

Playas de Rosarito held its major real estate forum — the API Rosarito 2026 — inside the NAOS building. That is a signal: the industry chose your project as the backdrop for a conversation about the future of the municipality. What does Rosarito need — in infrastructure, governance, and product mix — to consolidate as a genuine second-home and
lifestyle destination for the next decade?

The fact that API Rosarito chose NAOS as the venue for their most important forum sends a clear signal: the industry already recognizes that there is a new standard in this area. For Rosarito to consolidate as a second-home and lifestyle destination, it needs three things in parallel. First, infrastructure: water, drainage, and connectivity — without that, growth has a ceiling. Second, governance: legal certainty, agile permitting, and a long-term municipal vision that keeps pace with private investment. And third, a diversified product mix: not just residential, but hospitality, retail, and services that make living here feel complete. The private sector can lead, but it needs a government running at the same speed.

The Wavve is being marketed as part of a region that is emerging as ‘The New Cabo. ’That is a powerful frame — and
a significant promise. Los Cabos took forty years and billions of dollars in infrastructure to become what it is. What is the realistic timeline for the northern Baja corridor — and what is the version of this coast that you are actually building toward?

The New Cabo frame captures the potential well, but we have to be honest about the timeline. Los Cabos took four decades and massive infrastructure investment to become what it is today. The northern Baja corridor has advantages Cabo did not: it sits two hours from one of the largest markets in the world, it has a binational dynamic, and it already has road infrastructure in place. But it also has unresolved challenges in water and services. A realistic horizon to consolidate this corridor as a world-class destination is 15 to 20 years. What we are building today with THE WAVVE and NAOS is the first layer of that ecosystem — the product that proves it is possible and draws the next wave of development.

Estrategia Urbana has said publicly that Baja California is just the beginning of your presence in the region. You have two projects under development simultaneously. What comes next — and what would have to be true about the Rosarito market for you to double down?

Baja California is the beginning of our presence in the region, not the end. We have two projects under construction simultaneously here, and the vision is clear: if the market continues to show the absorption we have seen, and if infrastructure advances at the pace it needs to, we will scale. What would need to be true is straightforward: legal certainty, infrastructure, and sustained demand. The first two depend partly on government. The third we are already seeing. The northern Baja coast has land, it has location, and it has the buyer. We have the product and the structure to grow with it.

You built your career in Mexico City — one of the most competitive real estate markets in Latin America — and then
brought that model to a coastline two hours from the U.S. border. Both The Wavve and NAOS are under construction simultaneously. When you stand on the cliff at Punta Bandera and look at the Pacific, what does this coast give you that CDMX cannot — and what does it still ask of you that you didn’t expect?

The ocean view. Here and anywhere in the world, oceanfront is worth its weight in gold — and that is something México City, for all it offers, simply cannot provide. When you are standing on that cliff at Punta Bandera looking out at the Pacific, you understand immediately why people want to live here. That is an asset you cannot replicate. What this coast has asked of me that I did not expect is patience with the pace of infrastructure. You learn quickly that the rhythm of a market still coming into its own is different from that of a
mature metropolis. But that is also part of the opportunity: those of us who arrive now, with serious product and a long-term vision, are the ones who will define what this coast ultimately becomes.