| Panama Pacifico | |
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| Website | www.panama-pacifico.com |
Panama Pacifico is a mixed-use real estate development in Panama. The project has been in development since 2007.[1]
London & Regional Properties and Colombian banker Jaime Gilinski are developing the Panama Pacifico[2] business and residential development in Panama City, Panama. Jaime Gilinski and his partners Ian and Richard Livingstone bested 16 other international firms to develop the project. The US $705 million project, based on the former Howard Air Force Base in Panama, includes 2,005 acres (8.11 km2) of land, which makes it one of the largest development projects in the world. Due to the site's proximity to the Panama Canal and an unused air strip, Panama Pacifico will be a hub for international trade and commerce.[3]
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Jaime Gilinski and his partners are also making Panama Pacifico an attractive place to live. 20,000 homes will be surrounded by a natural environment of mangroves, wetlands, and tropical forests. Many innovative, eco-friendly technologies will be used to preserve the lushness of the area. Panama Pacifico encourages residents to enjoy nature with features like pedestrian-friendly walkways and a world-class golf course, situated among hundreds of acres of tropics. The community’s homes are designed to complement the natural landscape. The Panamá Pacífico master-planned community will feature 20,000 homes within several neighborhoods: Town Center residential, Kobbe Hills and Puente Verde, The Woodlands, among others. Residents and guests will be able to walk to parks, playgrounds, schools, and shopping and dining establishments. Luxury hotels will also be on-property for vacationers and workers from around the world. A downtown plaza, Town Center, will serve as a central point for Panama Pacifico’s retail, restaurant, and entertainment properties.[4]
The favorable business climate in Panama offers many benefits and incentives to international companies. Many multinational corporations have made plans to invest in the project, including 3M, DELL, VF Corp., BASF, Samtec and Caterpillar. Jaime Gilinski and London & Regional Properties expect Panama Pacifico will be very attractive to global corporations looking to set up regional headquarters in Central America.[3]
Panama Pacifico's strategic location will be a competitive advantage for many businesses. In addition, the country of Panama offers tax benefits, and the stable government has allowed businesses there to flourish during the past 10 years. The Panamanian government has set up special economic zones that give companies that set up within the zones special tax, labor and legal incentives. With a large, bilingual workforce at hand, the government also offers incentives for workforce development and training. The country’s central location and world-class telecommunications and transportation infrastructure make it an ideal hub for any global business doing trade within the hemisphere.
Situated near the mouth of the Panama Canal, with east access to the Pacific and Atlantic oceans, ports and railroads, Panamá Pacífico is 15 minutes from downtown Panama City, 35 minutes from Tocumen International Airport, and right next to the Pan-American Highway that connects the Americas. Panamá Pacífico’s existing site infrastructure includes a redundant fiber-optic loop to provide high-speed communication. Companies with expansion plans will find the business park is ready to accommodate future growth.[5]
Panama Pacifico is drawing potential investors, even in challenging economic times. “Despite the global financial crisis, we’re getting a good response,” said Henry Kardonski, managing director for London & Regional Panamá, the master plan developers for Panamá Pacífico. By the end of 2011, the project is expected to complete seven new warehouses buildings the PanAmerica Center and three Class-A office buildings in the INternational Business Park. The developer has invested $150 million so far, and Kardonski says international firms—particularly those involved in the maritime, light manufacturing and technology sectors—are showing a keen interest in Panamá Pacífico. Companies that have set up shop here include Cabo Drilling Corp., Caterpillar, MEC Repairs, Dell, 3M, and 3PL Panamericana.[6]
Panama Pacifico is expected to create 40,000 jobs. 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.[7]