The lack of infrastructure near Tocumen International Airport in Panama is going to change. In the next five years there will be a $400 million investment in urban development in the surrounding area of the airport.
Flying into Panama’s Tocumen International Airport is quite an experience for first time travelers. From the air, flying over Panama City you view the skyscrapers along the Panama Bay and then land 17 kilometers away from the city in an area surrounded by farms. It’s quite surprising to many travelers that there aren’t any hotels, shopping malls, or restaurants close to the airport.
A recent traveler to Panama explained, “I would have liked to at least have a coffee shop close to the airport where I could have spent my last few minutes time with my friends that hosted me in Panama before my departure.”
More information below from La Prensa-
$ 400 MILLION INVESTMENT
Tocumen attracts investors
The international airport has become a magnet for logistical and residential development.
ALEX E. HERNANDEZ
A second logistic project aims to develop the land near the Tocumen International Airport.
The first proposal was made public.
Tocumen SA announced the development of 300 acres purchased for $ 100 million at the Technological University of Panama for the installation of hotels and business centers to complement the services offered by the terminal, and now a private investor group plans to spend $ 400 million to develop 850 hectares near the runway.
The company will create basic infrastructure for third parties to build a residential complex, hotels, business center and warehouses.
In total, the company estimates that the project will generate investments of close to $ 6 billion and expect the first stage of the hostel hotel complex, a residential area and convention center, which would take five years.
Juan Luis Chevalier, manager of what is being called Panatrópolis, said the work has been managing since 2006.
To date we have already invested about $ 100 million, including land purchase and development of the Roadmap.
The project is funded by 40% with funds provided by investors, among which are Joseph and Isaac Homsany Benhamu, both real estate developers.
The conceptual design was made by U.S. firm Bermello Ajamil, while the Panamanian firm MRA Architects undertook the design of the residential area.
Chevalier said they already have approval from the Ministry of Housing for the use of 199 plots of land. He added that because it lands near the airport buildings will not exceeding 14 storeys in height.