IL Postcard

Howard Project to convert former air base to $700-million "mini city"

Date: 03/19/2007

"About 60% of the trade in and out of the U.S. passes through the Panama Canal. When you combine thousands of new homes, hotels, a science park and a golf course, with the proximity to the world's busiest trade canal, you can see why the global investment community is taking note of this project." So says H. William Walker, partner of the global law firm, White & Case.

White & Case, based in Miami, has won a lead assignment advising the government of Panama on the redevelopment of the former Howard Air Force Base next to the Panama Canal. The $700-million project stands out as one of the largest development projects in the world, covering 2,750 acres and generating an estimated 20,000 jobs.

(We wrote about the Howard area in a recent issue of Panama Insider…check it out here.)

The Howard Project, as it is known, will redevelop a 1.7-mile airstrip built by the U.S. but largely abandoned since its forces left the country eight years ago. A massive new trading hub, known as a "multimodal port," will be located here and will include the airstrip, access to the canal, and vast depots to store a variety of goods that pass through the canal. Singapore Airlines has struck a deal to refurbish its Asian fleet of aircraft on the site.

Leading U.K. developer London & Regional Properties (L&R) has secured initial rights to build a new "mini city" on the banks of the Panama Canal. The London-based firm, founded and run by brothers Ian and Richard Livingstone, beat competition from 16 other international firms. A formal master planning application is to be submitted three months from now.

In addition to the multi-modal port, the area is also earmarked for thousands of new homes, hotels, a golf course, a science park, and commercial centers. It is the most ambitious project to be taken on by L&R, and in this endeavor, the developer has teamed with Isaac and Jaime Gilinski, the father and son Panamanian developers who carry considerable influence in Central America.

Said Jason Mills, development director at L&R "This underlines the attractiveness of Panama as a global investment destination."

It is important to note that, although it has been announced that White & Case and London & Regional Properties have won the respective bids to participate in the Howard Project, L&R Properties' proposal is being contested by another bidder, Easton Group. The project is expected to be ratified by the Panamanian government any day now. We'll keep you posted…

Best Regards,

Brandon Clogston
International Living / Panama

P.S. If the information shared above does not convince you of the tremendous opportunities in Panama right now, I don't know what will. The Howard Project will further change the face of Panama. If you'd like to find out how to be part of this fantastic country's unprecedented makeover, join us for our Live and Prosper in Panama Seminar, May 10-12. Find out more here.