Panama Pacifico a Visionary Project For Panama
By Juan Carlos Martinez
Panama Pacifico is a mixed use development project located in what used to be a US base called Howard in the Panama Canal Zone until 1999. Law 41 of 2004 turned it into a Special Economic Zone. The concession for developing this area as Master Developer was awarded to London Regional in April 2007 for 40 years and work on the project started in January 2008.
As Panama Q Magazine has written in the past, London & Regional Panama has committed to investing at least $705 million dollars to develop this mixed use community. In total the concession was for 1,400 hectares (3,459 acre's) of which 850 hectares (2,100 acre's) will be developed. The plan is to have 1 million square meters (10,763,910 square feet) of new commercial floor space, 20,000 new homes and apartments. The project has also factored in luxury and business hotels. Panama Pacifico master plan is divided into an international business park, a logistics park, a town center, an airport, a green area, Forest Business Park, and Kobbe Hills.
Panama Pacifico Area has several advantages that make it an attractive area for companies to settle there. Any company settling in the Panama Pacifico development community is under a special regime which grants it special treatment and faster procedures for setting up shop in Panama. Law 41 grants companies setting up a special immigration and labor regime, a special customs regime and tax incentives. Panama Pacifico is a joint venture between the Panama government and London & Regional therefore within Panama Pacifico many government agencies operate making it easier for companies to carry out all registration and legal procedures in one single place, there are Ministry of Labor offices, Migration offices, Ministry of Health, Municipal offices, Firemen, among many others, It is truly a one stop shop for companies.
The many benefit this area offers to companies is reflected in the fact that almost 58 companies have committed to establishing in Panama Pacific. According to information from Panama Pacifico's website there are currently 27 companies onsite, 20 are in the process of registration and 33 are in contract negotiations. The companies already onsite or with contracts already signed are 3M, Dell, Caterpillar, Cable & Wireless, CBRE CB Richard Ellis, Aggreko, 3PL, Albacrome, Cabo Drilling Corp., Codico, IBSSA, Global Cold Chain System Corporation, OSALA, Panama Pacific Logistics, Gianfranco Agency, Mec Group, Accel, Arsenal Industries, Associated Steamships, Bombasa, Barwil Agencies, C. Fernie & Co., Canal Transit Services, Capital Panama, Coffee Express, Consultores Urbanos, Escuela Francesa Paul Gaugin, Xpress Medico, Executive Bodyguard Services, Garal Bravetek, Gateway Transit, Global Profile, Global Shipping Bureau, GM2A, Howard Academy, IntelData, I.P. Leather Corporation, Mailboxes Etc., Magen David Academy, Mariola, Otion Communications Inc., Orion Maritime Training Center, Orica Mining Services, PROMIX, Radio Holland, River Latinoamericana Industrial, RofCorp., ST Aerospace, Stratus Building Solutions, Sunborn Corp., Transcanal Agency, Universidad del Caribe, Universidad Tecnológica de Panamá, Valhalla Ventures, Wartsila, Wilford Ship Services, W.R. Grace, Yermont Enterprises.
In its first phase Panama Pacifico started developing warehouses and office buildings which helped them turn around on their investment pretty fast as may be seen from the number of companies already established or planning to establish there. They are now starting to develop the residential complex.
The residential real estate development is the third axis of development that London & Regional has planned. They have already started the movement of land for a first phase which is 126 single family homes, 78 apartments and retail space. These will be the first homes of the urban center in Panama Pacifico. Within the next few years they will also build a golf course.
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