Panama Pacifico Just Keeps Growing
By Juan Carlos Martinez
Panama Pacifico project just keeps growing and growing. In a time where real estate is depressed and not generating significant growth Panama Pacifico is moving into a second stage after successfully launching the first stage that was commercial. Up next for Panama Pacifico is the residential area with town houses currently for sale.
Panama Pacifico is being developed by London and Regional who is the master developer of the project. It is a joint venture with the Panama government and it sits on a 1,400 hectare plot of land where the old US Howard Air Force Base was located. When it is finished Panama Pacifico will have one million square meters of commercial space, 20,000 homes, retail centers, schools, hotels and a state of the art golf course. It is truly a city within a city.
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According to information from Panama Pacifico 50 companies have already relocated there and 30 more are in the process of relocating. One of the companies there is Caterpillar who is planning to build a 250 acre Demonstration and Learning Center. GATES Builders will be the company in charge of building this massive project to cater to Caterpillar's customers throughout Latin America. In addition to a training center they will also have a logistics and distribution hub and a call center. Caterpillar is unique among the companies in Panama Pacifico as they bought 25 hectares inside Panama Pacifico and 100 just outside of Panama Pacifico.
Additionally a new company joins the ranks of Panama Pacifico companies. Thermaflex will be joining Panama Pacifico will build a thermal isolating product factory in Panama Pacifico with an investment of approximately $4 million dollars. Thermaflex is a Dutch company currently has had operations with two years in Panama. For Thermaflex Panama would be the redistribution center for thermal isolating tubing for air conditioning to Mexico, Costa Rica, Colombia and Dominican Republic. Thermaflex will open its commercial office in Panama Pacifico this month under law 41 for company headquarters.
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3M like Caterpillar is already installed in Panama Pacifico having signed the contract in 2008, they then started working on March 11, 2009. Two of the company's 42 divisions are installed in Panama Pacifico: transport and communications. 3M's operation in Panama is focused on producing and assembling products for the automobile industry. They supply these products to all of the Latin American continent save for Brazil and will be doubling the production to supply Europe and Asia as well.
3M's communications division is soon to start up as well so they can take customer orders and distribute them to the proper divisions for dispatch. Eventually the plan is to make Panama a distribution and manufacturing hub for the Latin American continent. Panama Pacifico leverages its success on Panama's position as logistics hub for the Americas. For more Quick Takes |
