Panama Pacifico is a mixed-use real estate development in

Veracruz Veracruz (), formally Veracruz de Ignacio de la Llave (), officially the Free and Sovereign State of Veracruz de Ignacio de la Llave ( es, Estado Libre y Soberano de Veracruz de Ignacio de la Llave), is one of the 31 states which, along with Me ...

Arraiján District Arraiján is the district (''distrito'') of West Panamá Province in Panama. The territory lies west of the Panama Canal bordering Panama City. The population according to the 2000 census was 149,918; the latest official estimate (for 2019) is 2 ...

Panama Panama ( , ; es, link=no, Panamá ), officially the Republic of Panama ( es, República de Panamá), is a transcontinental country spanning the southern part of North America and the northern part of South America. It is bordered by Cos ...

, located on the site of the former

Howard Air Force Base Howard Air Force Base is a former United States Air Force base located in Panama. It discontinued military operations on 1 November 1999 as a result of the Torrijos-Carter Treaties, which specified that US military facilities in the former Pa ...

. Panama Pacifico is located 15 minutes from downtown Panama City, 35 minutes from

Tocumen International Airport Tocumen International Airport ( es, Aeropuerto Internacional de Tocumen) is the primary international airport serving Panama City, the capital of Panama. The airport serves as the homebase for Copa Airlines and is a regional hub to and from The ...

, and adjacent to the Pan-American Highway that connects the Americas.

London & Regional Properties London & Regional Properties (L&R) is a private real estate and leisure investment firm based in London, United Kingdom. It is one of the largest privately held principal investors in Europe, performing private equity style investments in direct ...

and Colombian banker

Jaime Gilinski Jaime Gilinski Bacal (born 14 December 1957) is a Colombian banker and real estate developer. Gilinski resides in London. According to ''Forbes'', he is the second richest person in Colombia, with a net worth of US$3.6 billion as of 2020. Early ...

formed a consortium to develop the Panama Pacifico 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. The development covers of land.

Development goals

The

government of Panama A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

created the Panama Pacifico Special Economic Area under Law 41 of July 20, 2004, and with that as a base, th
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: * 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, 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 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. Several multinational corporations have already been located in Panama Pacifico, including 3M, DELL, VF, BASF, Samtec, and Caterpillar. By the end of 2012, the community is expected to complete ten new warehouse buildings in the Pan America Corporate Center and four Class A office buildings in the International Business Park. The developer has invested $230 million so far, 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 160 companies are now in operation in the Special Economic Area, including eight on the Fortune 500.

Education

Panama Pacifico hosts several educational institutions, including: * ''

Lycée français Paul Gauguin de Panama In France, secondary education is in two stages: * ''Collèges'' () cater for the first four years of secondary education from the ages of 11 to 15. * ''Lycées'' () provide a three-year course of further secondary education for children between ...

'', a private international school offering Pre-K through 12th grade. Classes are primarily in French, with both English and Spanish as second languages.Nuestra Ubicación
"
Où sommes nous?
" ''

''. Retrieved on 15 March 2015. "Dirección: Edificio 810, Ave. Ingeniero Way, Panamá Pacífico"
The Renaissance Academy of International Learning (TRAIL)

Howard Kids Academy
is a private school with preschool through 8th grade, including classes in English as a Second Language (ESL).
Magen David Academy
a private school for children of the Jewish faith, offers pre-K through 12th grade. Classes are in English. * Knightsbridge Schools International Panama is a private school with Pre-K through 12th grade.
Universidad del Caribe
a four-year college. Classes are in Spanish. *

Universidad Tecnológica de Panamá The Technological University of Panama, Universidad Tecnológica de Panamá (UTP) in Spanish, is the second largest university in Panama. It comprises six schools and has seven regional campuses nationwide. The main campus is a piece of land in ...

, a four-year college. Classes are in Spanish.

Footnotes

External links