About two years ago London & Regional's mega project Panama Pacifico began to sponsor my blog as a way to reach potential investors for their project. From what they have shared with me this has been a very successful relationship and am proud that I have been involved to some degree with the success of this incredible project. Panama Pacifico represents one of the largest revitalization projects worldwide for last 50 years and will play a very important part in Panama's future. This article from La Prensa provides us with additional information on the status of the project.
Thus far 58 companies have signed contracts to to set up headquarters, including multinationals include Dell, Caterpillar and 3M.
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Given the magnitude of the project, we can say that is still in a nascent stage of implementation. But Panama Pacific, project logistics, commercial and real estate that is developed in the former Howard military base is reaching a level of progress that has exceeded the expectations of its promoters, the British company London & Regional (L & R).
There are already 58 companies have pledged to settle in Panama Pacific. One of the latest is VF Corporation, American multinational which sells clothing brands like Lee, Wrangler and Nautica.
The firm joins Dell, 3M and Caterpillar, three large multinationals that have shaped in a way the letter of overseas development.
The number of companies with contracts to settle in the area could increase soon, as there are several ongoing negotiations.
In 2000 acres, Panama Pacific converges the past, present and future of Panama.
The construction of the Canal area and the two bunkers that are still preserved remember the military origins of the area and the U.S. presence.
With the ground already in Panamanian hands, a World Bank study found that the area was ideal for logistics and commercial development.
In 2007, L & R won the tender to develop 400 hectares over the next 40 years.
The company is committed to invest $ 705 million for the duration of the contract, of which $ 405 million must be invested before 2015. At the end of this year, L & R estimated to be allocated $ 154 million, mainly in infrastructure development.
This is exemplified by the 2271 people, according to data recorded in January, working in companies located in Panama Pacific.
John McKay, a representative of L & R, said that in the first five years of grant they expect 4000 jobs, exceeding initial estimates.
In ten years, there will be about 11000 by the 40 year concession, 40000.
For the jobs generated by companies located there will have to add the necessary manpower for the construction itself of the area and internal and external connections. The Government has announced it will construct a highway linking Panama Pacific with the Centennial Bridge, which will improve connectivity with Colon and Howard.
President Ricardo Martinelli said the government plans to build a new bridge or tunnel to cross the Panama Canal and Pacific unite with the extension of the coastal strip, which in principle come to the Causeway.
Residential
They have already begun earthwork for first phase including the construction of 126 town houses, 78 apartments and commercial premises. These residences will be the first of what will be the center of Panama Pacific. In the next few years they will start developing a golf course community, luxury hotels and resorts.
In total, when completing the project, there will be 20 thousand houses and apartments, a real city across the Canal.
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