It is the time for overhaul in the former Howard Air Force Base of US Air Force in the Canal Zone of the Panama. The ex-military zone is getting a complete transformation. Earlier, this area was restricted to the army personnel; you could have heard the sound of sentries marching. But it will become an International Trade Consortium as the time progresses. The government of Panama has decided to convert the army base in a modern national hub for the domestic as well as foreign merchants.
When the US government decided to hand over the land occupied by the US air force in 2000, it seemed that there will be immense potentiality for investments in the area. More than 60% of the incoming and outgoing trade passes through the Panama Canal. Such close proximity of the former Howard base to the canal will definitely bring the global investors taking a note of this area.
In mid November, 2008 the project officially started with formation of AAEEPP (Panamá-Pacífico Special Economic Area Agency). Government of Panama joined hands with the UK based development organization – London & Regional Properties to transform the land into a trade center where all the modern facilities will be available to the best of international standards. The deadline for AAEEPP is 40 years. Within this time frame, the land will have multi-utility trade park, accommodation for new employees, hotels, restaurants, clubs, movie theaters, sports complex and many more.
London & Regional Properties had made a deal of US$ 750 million, one of the largest developmental projects around the world. It will cover nearly 3000 acres where ecological aspects will be of primary importance. 50% of the land will be earmarked for gardens, green belts, parks, water resources. London & Regional has made collaboration with the renowned Panamanian developer family Isaac and Jaime Gilinski, the father and son duo who posses quite an influence in this area.
The heart of the project includes a 2.75 KM airstrip formerly used by the air force. It will be developed in to an all facility international airport within a couple of years. It will require minor modification in the runways as the force were not utilizing the facility for last eight years. But the terminals will be revamped altogether. Singapore Airlines has signed a deal with the AAEEPP to build some hangers for the overhauling of the Asian fleet at this site.
The first phase of their work is expected to come up by mid 2009. It will be a 58 acre International Business park where all the latest amenities will be made available. Commercial space for domestic and foreign companies will be distributed as per agreement.
The government of Panama expects that as the project will be completed finally, it will cater job opportunity for 40,000 odd people. There will be at least 20,000 new homes and resorts for the executives and other employees.
With all these promises, the upcoming mini-city in the Panama will become a paradise for the real estate developers and investors throughout the world.