Panama Pacifico

Panama Pacifico is a mixed-use real estate development in Veracruz, Arraiján District, Panama, located on the site of the former Howard Air Force Base. Panama Pacifico is located 15 minutes from downtown Panama City, 35 minutes from Tocumen International Airport, and adjacent to the Pan-American Highway that connects the Americas.[1]

Panama Pacifico
Howard Air Force Base
Panama Pacifico is located in Panama
Panama Pacifico
Panama Pacifico
Location in Panama
Coordinates: 08°54′54″N 079°35′58″W
Country Panama
ProvinceWest Panamá Province
DistrictArraiján District
Construction startedNovember 13, 2008
Area
 • Total141 km2 (54 sq mi)

London & Regional Properties and Colombian banker Jaime Gilinski formed a consortium to develop the Panama Pacifico[2] business and residential community. The contract is a 40-year license for the area with an obligation to invest $405 million USD over the first eight years from 2007.[3] The development covers 3,450 acres (1,400 hectares) of land.[4]

Development goals

The government of Panama created the Panama Pacifico Special Economic Area under 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 entity for the administration, promotion, development, regulation, and proper use of the areas assigned to the Panama Pacifico region. The development goals set by the Panama Pacifico Agency (APP), at the start of the project, were:[5]

  • 1,400 hectares in total
  • 850 hectares for development
  • 1.0 million m2 of commercial space
  • 20,000 homes and apartments
  • 40,000 jobs created
  • Extensive parks, open spaces, and entertainment areas
  • Malls
  • Business and luxury hotels

Housing

The Panama Pacifico master-planned community will feature 20,000 homes in several neighborhoods: the Town Center (which includes current projects in Soleo, Mosaic, Nativa, and River Valley), Woodlands, Kobbe Hills, and Puente Verde, among others. A downtown district, Town Center, will serve as a central point for retail, restaurant, and entertainment activities[6] surrounded by the natural environment of mangroves, wetlands, and tropical forests.

Economic potential

Companies that are set up within the area enjoy special tax, labor, and legal incentives.[7][8] Several multinational corporations have already been located in Panama Pacifico, including 3M, DELL, VF, BASF, Samtec, and Caterpillar.


By the end of 2012, the community is expected to complete ten new warehouse buildings in the Pan America Corporate Center and four Class A office buildings in the International Business Park. The developer has invested $230 million so far, international firms as well—particularly those involved in the maritime, light manufacturing, and technology sectors—continue to find Panama Pacifico an attractive option for their Latin American operations. More than 160 companies are now in operation in the Special Economic Area, including eight on the Fortune 500.[9]


Education

Panama Pacifico hosts several educational institutions, including:

See also

Footnotes
  1. "Moving Business Overseas to the Crossroads of Commerce". Panama-pacifico.com. Archived from the original on 2008-12-18. Retrieved 2009-07-28.
  2. "Construction Commences in Howard". PanamaPacifico.com. Retrieved 2008-11-13.
  3. "London and Regional Properties bid of $405M wins bid for the 40 year development rights to the Former USAF Howard Air Force Base, Panama City". PanamaPacifico.com. Retrieved 2007-01-31.
  4. "Agency of Special Economic Area Panama Pacifico". www.app.gob.pa. Retrieved 2023-07-22.
  5. "Panama Pacifico Project". Agency of Special Economic Area Panama Pacifico. Retrieved 2016-09-05.
  6. "A Unique Opportunity to call Paradise Home". PanamaPacifico.com. Retrieved 2009-07-28.
  7. Rossiter, James (2007-02-08). "UK developer wins $705m Panama contract". The Times. London. Retrieved 2011-07-15.
  8. "Panama Pacific Special Economic Area". panamaoffshorecenter. Archived from the original on 2012-08-15. Retrieved 2012-12-11.
  9. "Panama Pacifico Expansion Remains Strong; Average 9 New Companies per Month". PanamaPacifico.com. Retrieved 2012-01-29.
  10. "Nuestra Ubicación Archived 2015-04-02 at the Wayback Machine"/"Où sommes nous? Archived 2015-04-02 at the Wayback Machine" Lycée français Paul Gauguin de Panama. Retrieved on 15 March 2015. "Dirección: Edificio 810, Ave. Ingeniero Way, Panamá Pacífico"

8°54′54″N 79°35′58″W

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