Built to Hold Value
We focus on creating projects that hold their value. Location, design, construction quality, and livability drive every decision we make.
Real estate development and investment firm






















WHITEBOX is a real estate development and investment firm based in Playa del Carmen. We develop residential projects and manage investment capital with a focus on long-term value creation.
We focus on creating projects that hold their value. Location, design, construction quality, and livability drive every decision we make.
We focus on creating better projects. Quality of execution matters more to us than the number of projects we build.
WHITEBOX combines development, investment, and legal expertise under one roof. This allows us to identify opportunities, structure capital, and manage projects from acquisition through construction and delivery.
We invest our own capital into the projects we develop. Our capital, reputation, and long-term vision are tied to the outcome, creating alignment between us and our investors.
Design is one of the foundations of every Whitebox project. We focus on functional layouts, natural light, quality materials, and spaces that people genuinely enjoy living in.
These principles shape how we think, invest, build, and grow. From buyers to investors, we believe the best projects create long-term value for everyone involved.
We evaluate each project through location, product, pricing, construction cost, market demand, and exit potential.
01We manage development with direct oversight across planning, design, construction, legal structure, and delivery.
02We structure opportunities so investor capital is connected to real projects, clear use of funds, and defined value creation.
03WHITEBOX was built to develop real estate with stronger control over the full process: acquisition, capital structuring, design, construction, delivery, and long term value creation.
We approach real estate through development, investment, and execution. Every project begins with a clear opportunity, a defined capital strategy, and direct control over delivery.
Every project begins with location, market demand, product fit, cost structure, and the potential to create value.
We align project needs with the right capital structure, whether through investor equity, private debt, preferred capital, or internal capital.
From acquisition and legal structure to design, construction, and delivery, we stay close to the details that determine the outcome.
Every development decision is made with the final outcome in mind: saleability, livability, operating income, and long term value.
““The team’s consistency and follow-through gave me confidence throughout the process.””KumarOwner/Investor

Whitebox was founded by Constanza Hinojosa and Serge Zhevelyuk as Whitebox Law, a real estate focused law firm specializing in closing services for foreign buyers in Playa del Carmen.
What began as legal work quickly became a deeper involvement in every stage of the real estate process, from acquisitions and structuring to development and long term ownership.

Just months after launching the law firm, the search for the right development opportunity intensified.
After nearly a year and a half of searching across Playa del Carmen, the team secured the land that would later become Luna Residences.
The early days were built around a small office, late nights, and the belief that development in Playa could be done at a higher standard.
Whitebox Real Estate is officially established alongside the law firm as the company takes its first steps into development.
A new office is opened, the team begins to grow, and Luna Residences starts evolving from an idea into a fully developed architectural concept.
From the beginning, the focus was clear: create projects with stronger design, better materials, and a level of detail rarely seen in the local market.

Construction officially begins on Luna Residences, Whitebox's first vertical residential development.
Located in central Playa del Carmen, the 16 residence project marked a defining milestone for the company and transformed years of planning into reality.
From structural work to interior detailing, the project reflected Whitebox's commitment to thoughtful design, quality execution, and pushing beyond the standard.

Whitebox secures land for its second development project, continuing the company's long term vision for growth in Playa del Carmen.
Whitebox begins working directly with private investors, creating real estate backed investment opportunities and establishing the foundation for the company’s investment activities.
Development, legal expertise, and investor capital now begin operating together as a unified model.
Luna Residences is officially completed and begins welcoming owners into the building.
At the same time, architectural development for the second project is finalized, while Whitebox oversees operations and administration for completed developments.
With development, capital, legal structuring, and operations now working together, the company consolidates under one identity: WHITEBOX.
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