Panama Pacifico

Panama Pacifico
Howard Air Force Base
Panamá Pacífico International Airport
Panama Pacifico is located in Panama
Panama Pacifico
Panama Pacifico
Location in Panama
Coordinates: 08°54′54″N 079°35′58″W / 8.91500°N 79.59944°W / 8.91500; -79.59944
Country Panama
ProvinceWest Panamá Province
DistrictArraiján District
Construction startedNovember 13, 2008
Area
 • Total
141 km2 (54 sq mi)

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 (now Panamá Pacífico International Airport). Panama Pacifico is located 30 minutes from downtown Panama City, 45 minutes from Tocumen International Airport, and adjacent to the Pan-American Highway that connects the Americas.[1][clarification needed]

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][4] The development covers 3,450 acres (1,400 hectares) of land.[5][citation needed]

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:[6]

  • 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, Cëntriqo 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[7] 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. Many international companies are located in the heart of the Business Center while others have their own offices and buildings in the SEZ[[1]]. More than 345 companies operate in the Special Economic Zone of Panama Pacifico. [8][9] Several multinational corporations have already been located in Panama Pacifico, including 3M, DELL, VF, BASF, Samtec, and Caterpillar.


By the end of 2024, the development is set to finish the construction of the town center, Cëntriqo. This new development offers all type of amenities for students and families. The city plaza hosts businesses like Starbucks, Felipe Motta, Pink Buddha, and others. [10] The developer has invested $700 million by 2021,[11] 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 345 companies are now in operation in the Special Economic Area, including eight on the Fortune 500.[12]


Education

Panama Pacifico hosts several educational institutions, including:

BLB Airport

There is also an airport. Visit https://en.wikipedia.org/wiki/Panamá_Pacífico_International_Airport


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. ^ "Commercial Real Estate Panama". Retrieved 17 June 2023.
  5. ^ "Agency of Special Economic Area Panama Pacifico". www.app.gob.pa. Retrieved 2023-07-22.
  6. ^ "Panama Pacifico Project". Agency of Special Economic Area Panama Pacifico. Retrieved 2016-09-05.
  7. ^ "A Unique Opportunity to call Paradise Home". PanamaPacifico.com. Retrieved 2009-07-28.
  8. ^ Rossiter, James (2007-02-08). "UK developer wins $705m Panama contract". The Times. London. Archived from the original on February 10, 2007. Retrieved 2011-07-15.
  9. ^ "Panama Pacific Special Economic Area". panamaoffshorecenter. Archived from the original on 2012-08-15. Retrieved 2012-12-11.
  10. ^ Cite error: The named reference https://mercadeo.panamapacifico.com/centriqo/?_gl=1*7j5qz5*_gcl_aw*R0NMLjE3MjY1OTI1NzAuRUFJYUlRb2JDaE1JMDl6RndMcktpQU1WYVp4YUJSMHlpQmxDRUFBWUFTQUJFZ0tzNlBEX0J3RQ..*_gcl_au*MTE3NTc2MjE1MC4xNzIyOTU0OTQz&utm_term=centriqo%20panama%20pacifico&utm_campaign=Leads-Search-Centriqo&utm_source=adwords&utm_medium=ppc&hsa_acc=4867711713&hsa_cam=21651830300&hsa_grp=169163805520&hsa_ad=711821395607&hsa_src=g&hsa_tgt=kwd-2080738240225&hsa_kw=centriqo%20panama%20pacifico&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gad_source=1&gclid=EAIaIQobChMI4vre9v6gigMVo7ZaBR0Ygh5-EAAYASAAEgKhxvD_BwE was invoked but never defined (see the help page).
  11. ^ Cite error: The named reference https://documents1.worldbank.org/curated/en/099245003252213836/pdf/IDU0176bf283006cb04e0b09a9204f449a2ac30e.pdf was invoked but never defined (see the help page).
  12. ^ "Panama Pacifico Expansion Remains Strong; Average 9 New Companies per Month". PanamaPacifico.com. Retrieved 2012-01-29.
  13. ^ "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 / 8.91500°N 79.59944°W / 8.91500; -79.59944 (Panama Pacifico (former Howard AFB))