Local development in Costa Rica has been mainly related to municipalities, but less attention has been paid to understand the local development itself and the factors that explain it. Adapting the capitals framework approach, we compare two neighboring cantons, Hojancha and Nicoya, both with similar high amount of resources endowment but with different pattern of development. We found different integration levels of all capitals by social actors in both cantons, with different outcomes in natural resources conservation, ecosystem services provision and social welfare. We conclude that local development is determined not only by the availability of the natural resource endowment but also by a good articulation amongst human, social, political and cultural capitals. The formulation of a locally shared and integral long term view of the territorial development is a key factor that any policy for local development should seek.