A major international real estate investment and development firm says it is involved in what will be a $1 billion project in Papagayo.

Representatives of the company, Starwood Development, paid a call Wednesday on President Oscar Arias Sánchez. The firm, a division of the Greenwich, Connecticut,-based Starwood Capital Group in involved with the Monte del Barco project.

The project has about 500 acres of which just 40 are in a maritime zone concession. The project envisions 700 residences, two hotels, an 18-hole golf course and a beach condo-hotel and marina

Starwood Capital Group says it is a privately held investment management firm that specializes in real estate-related investments on behalf of select private and institutional investment partners. Founded in 1991, Starwood has a diversified portfolio totaling more than $9 billion in real estates, the firm said.