Panama Pacifico
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Panama Pacifico Howard Air Force Base |
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|---|---|
 Panama Pacifico
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| Coordinates: 08°54′54″N 079°35′58″W / 8.91500°N 79.59944°W | |
| Country |
 Panama
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| Province | West Panamá Province |
| District | Arraiján District |
| Construction started | November 13, 2008 |
| Area | |
| • Total | 14,1 km2 (54 sq mi) |
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.
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.
The goals set by the governmental agency APP at the start of the project where:
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.
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.
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