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Posted by Maria Arias on June 13, 2016
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PANAMA PACIFICO: AN AMBITIOUS PROJECT

Panama Pacífico is a mixed-use real estate development that includes space for offices and warehouses, in addition to 22,000 homes and commercial centers, parks, and hospitals, among others. The project has developed 176 hectares, only 15% of the area to be built, only 1,096 hectares have buildings, the rest will be green areas. Jaime Gilinski, a Colombian entrepreneur that is behind this development, said: “This is the most ambitious housing plan on the planet.”

There are 2,000 homes built, the goal is to build 22,000 homes throughout the area, and there are nearly 300 multinationals. Gilinski offers $ 705 million USD in investments to develop the project in 40 years. And in 2007, with the former president of Panama, Martin Torrijos Espino, the contract was signed and they officially started the construction. The concession contract allows “buy, lease and/or sublease goods required for the development of the area,” explains the Panama Pacifico Agency.

Since then and nowadays, they have sought companies interested in operating there, have improved the basic infrastructure of public services, have sold land for housing construction and have further invested US$ 80 million.

TDI Real Estate had the opportunity to participate in the seminar for brokers organized by Panama Pacifico, where they explained all their projects.