$ 400 million Urban Development Project in Panama


News from Panama / Wednesday, December 22nd, 2010

I have followed the growth of the Tocumen International Airport and not unlike the Miami International Airport, the surrounding industrial and office market offers incredible opportunities for investment and commerce.  As reported by CentralAmericadata.com,  Tocumen S.A. will develop the basic infrastructure of an area of 850 hectares near the Tocumen Airport.

According to company estimates, the project would include a residential complex, hotels, a business center and commercial storage. Investment could reach $ 6 billion.

To date about $ 100 million have already been invested, including land purchase and development of the master plan.

According to Alex Hernandez in his article for Prensa.com, “the project will be financed 40% with funds provided by investors, among them Joseph Homsany and Isaac Benhamu, both of which are real estate developers.”

According to Louis Chevalier, manager of the project named Panatrópolis, the idea has been in the works since 2006.