Country Panama District Arraiján District | Province West Panamá Province Construction started 13 November 2008 | |
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Restaurants Subway, Sushi House, El Asador, Rock Burger PANAMA | ||
Panama Pacifico is a mixed-use real estate development in Veracruz, Arraiján District, Panama on the former Howard Air Force Base. It is situated on the western bank of Panama Canal, opposite Balboa. The project has been in development since 2007.
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Map of Panama Pacifico, Panama
London & Regional Properties and Colombian banker Jaime Gilinski formed a consortium, London & Regional Panama, to develop the Panama Pacifico business and residential community in Arraiján District, Panama. Gilinski and his partners Ian and Richard Livingstone bested 17 other international firms to develop the project. The contract is a 40-year license for the area with an obligation to invest US$405 million over the first eight years from 2007. The project includes 3,450 acres (1,400 hectares) of land, which makes it one of the largest development projects in the world.
Development Goals
The goals set by the governmental agency APP at the start of the project where:
Housing
The Panama Pacifico master-planned community will feature 20,000 homes within several neighborhoods: the Town Center (which includes current projects in Soleo and Mosaic, Nativa, and River Valley), Woodlands, Kobbe Hills, and Puente Verde, among others. The homes will be surrounded by the natural environment of mangroves, wetlands, and tropical forests. Luxury hotels are also planned. A downtown district, Town Center, will serve as a central point for retail, restaurant, and entertainment areas.
Economic potential
The government of Panama created the Special Economic Area Panama Pacifico under the Law 41 of July 20, 2004, and with that as a base, the Agency of Special Economic Area Panama Pacifico (APP) was created, acting as an independent and responsible entity for the administration, promotion, development, regulation and proper use of the areas assigned to the Panama Pacifico region. The Special Economic Area give companies that set up within the area special tax, labor, and legal incentives. These intensives makes it attractive for global corporations to set up regional headquarters within the area. A number of multinational corporations have already located in Panama Pacifico, including 3M, DELL, VF, BASF, Samtec, and Caterpillar.
Panama Pacifico is located 15 minutes from downtown Panama City in Arraijan, 35 minutes from Tocumen International Airport, and adjacent to the Pan-American Highway that connects the Americas.
By the end of 2012, the community is expected to complete ten new warehouses buildings in the PanAmerica Corporate Center and four Class A office buildings in the International Business Park. The developer has invested $230 million so far, and Kardonski says international firms—particularly those involved in the maritime, light manufacturing, and technology sectors—continue to find Panama Pacifico an interesting option for their Latin American operations. More than 160 companies are now in operation in the Special Economic Area, including eight in the Fortune 500.
Panama Pacifico could create 40,000 jobs when fully developed. It is also projected to be worth around US $10 billion when finished, which is equivalent to more than half of Panama's gross national product.
Education
Panama Pacifico hosts several educational institutions, such as