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Latin America Investment News on Viva Tropical

Ka Ching! Tocumen Airport Spends $605 Million to Become the New Global Air Hub for America

Article Summary:

In the next 10 years, Panama aims to drive investors to see the Tocumen area as a major focus of national development which will offer first-world logistic facilities. To date, counting such projects as Panatropolis, Global Business Terminal, and the Parque Sur alone, over $605 million is being invested.

Photo Credit: Visit Panama

Original Article Text From Visit Panama:

Resume: The New Global Hub of American Air

Only Panatropolis projects, Global Business Park South Terminal and invest over $ 605 million
Since its discovery Panama has been a strategic point for all matters relating to connectivity. In the past, this led to was built first, the interoceanic railway and later a top project for humanity, as was the Canal, both with the purposes of making the global travel and commerce between the two seas possible

Today Panama Canal and has the same product in part of its modernization and its impact on the country, we have efficient international ports on both oceans, an international financial center of global prestige and high free area more competitive and dynamic continent .
Now we are looking for improved connectivity with the creation of new air hub in America overall, allowing the encounter and exchange between men and women to do business in the center of the continent.

Tocumen International Airport and its surroundings are the main elements for all this to take place. And there will be held real estate development which will house commercial activities, serving the needs for this new world-class market.

In the next 10 years, investors viewed the Tocumen area as a major focus of national development that will offer first-world logistic facilities complementing the efficient operation of the airport of Tocumen thereby expand the labor supply in different areas contributing to consolidate the country as a world-class logistics platform.

In the area of ​​influence of the Tocumen airport, extending from the East Coast until December 24 are developing or will develop at least 15 logistics projects whose investment exceeds $ 1,000 million, a whole one of the investments in the country, surpassed only by the expansion of the Canal, Panama Metro and Donoso copper mine.

The development of airport activities and the expansion to four lanes of the South Corridor extension to Chepo, are the new axes that make this city grow and the activity to the area east.

In addition, completion of the Northern Corridor and the construction of the Metro will be the engine to continue this development, which will help to turn this area into one of the most important logistics activities across the country.

According to Osvaldo Marchena, Advisor on International Investment and Public Relations Real Estate Tribaldos, again, the real estate sector will be a direct beneficiary of the construction of these new areas.

It is a new market, daunting and business opportunities. The new companies to be established in these areas occupy a universe of requirements in square meters for commercial locations, international hotels, exhibition halls and assembly centers.

Also be required for distribution and exhibition space, logistics and business parks, residences, recreation, schools, colleges, regional training centers, parking areas for rental cars, hospitals, jobs and tourism executive.

The executive noted that this new market niche will be handled by the national real estate firms with international scope. And that for this reason it is important that investors, developers or groups interested in investment funds take positions in these new areas to contact the real estate firms that have qualified professional staff, so they can have the advice effective for everything related to the investment decision making.

However, for this market to find the terms acceptable and attractive, so that we are a country with adequate and quality of life for businesses, it is imperative that the management of government to continue with the improvement of infrastructure, the continued modernization of transportation and public safety.

Furthermore, it should provide world class infrastructure and trace the residential areas so that related activities are not suffocated.

To Marchena, the expansion of the logistics area should include the preservation of mangroves, as it is important to keep the ecosystem to avoid creating an imbalance in the environment.

“Around the airport there are still enough private land that could be considered for future expansion and other related activities. The areas between the December 24, Chepo, La Siesta and part of the Southern Corridor are the ones that should be paying attention. Other areas such as Cerro Azul and the surrounding area will also benefit from this great development, “said Marchena.

According to real estate advisor José Gabriel Montenegro, the logistics development in the area of ​​Tocumen Airport “is doomed to success,” because we have the only airport in Central America that has two runways, no problems of mountains and hills around and has the hub of the Americas Cup

To make matters worse, nearly 2,000 acres surrounding the airport can be used for logistics development.

Montenegro explained that currently there are no air hub airport or city anywhere in the world that have this amount of land available, which gives us room to continue growing for the next 25 years.

“In my opinion, things are going well and you just have to let time pass and mature projects to start seeing the results, as happened first with the Free Zone and then with the ports,” said Montenegro .

The projects
that are developments around the airport include large projects such as Panatropolis, a complex that is under construction and includes an investment of $ 400 million.

This complex includes an international business center, a logistics and industrial park, shopping and exhibition, hotel, convention center, shops and residential areas.

Panatropolis is marketing the first “Aerotropolis” airport or city in Latin America and grows in an area of ​​850 hectares, located in the southeastern part of the passenger door Tocumen airport.

So far invested about $ 100 million, including site preparation, technical studies and design work and preparation of master plan for the property.

When the complex is operating at 100%, which is in a period of 15 years is projected to generate between 4,000 and 5,000 jobs directly and indirectly.

Juan Luis Chevalier, Panatropolis president, said that investors in this project have an opportunity to contribute to strengthening the country as a world-class logistics platform.

At the same time, seeking to optimize their investment, maximizing the connectivity offered by the Tocumen International Airport, the laws of incentive for investment, modern communication services, political stability, social and economic life and logistics platform Panama offers.

For Chevalier, the main challenge that had to meet to carry out the project has been tuned to all interest groups (stakeholders) together to conceptualize a model of development that will contribute to all involved, including the smaller capacity of investment.

He explained that initially the concept of a city airport was new to most people, but increasingly, Panamanians understand the opportunity that the country has become the showcase for the world and to establish centers here Distribution of the products of many companies.

Another major logistics projects that are built near the Tocumen Airport is South Park, which will cost approximately $ 110 million. This project includes a new concept which will have a multimodal distribution center, corporate offices and Industries.

This project is distinguished by being flexible with the concept of “spaces turnkey” logistic and homogeneity. Includes lots of rent for the user to build or use according to your requirements, as well as buildings and warehouses with expandable space.

They will also have facilities within their banks, gas stations, administrative office, restaurants, green areas with parks and sports fields, in addition to a perimeter fence and controlled access.

Innovative project
Another project of importance near the Tocumen airport is the Global Business Terminal, whose construction is in charge of Empresas Bern and involves an investment of about $ 95 million.

Global Business Terminal is one of the most comprehensive business complex and structured in the region. It is located one minute from the Tocumen Airport, 90 minutes from the Colon Free Zone and 20 minutes from Panama City, which according to its developers ensures maximum utilization of resources and allow users to develop their functions effectively, while facilitating its visitors achieve the objectives of your business trip.

Global Business Terminal is intended for organizations and companies with international interests, to promote their products or businesses. It also offers services and facilities in an appropriate environment and tax benefits granted by Law 41 for Multinational Corporations.

According to Joseph Bern, development manager Business Global Terminal, the project is basically a corporate campus for multinational companies, which share the vision that has taken the government and other private companies on the development of the airport area.

“We give a solution to transnational corporations to be located near the airport of Tocumen, where all traffic flows of people to and from Panama, which gives us a significant competitive advantage,” said Bern.

This project will have a corporate area consists of eight office buildings of six levels each, with availability of up to 1,600 square feet per floor. It will also include 24 hour security, gated access, common areas, parking for every 30 square meters and energy saving system.

The complex includes a hotel executive with about 300 rooms available for visitors, restaurants for 100 people and six meeting rooms converted into a great hall.

In addition to these mega-projects in the area surrounding the airport of Tocumen, there are several wineries in construction projects, which offer good storage facilities, a need for logistics development in the area. These wineries have been increasing in the east of the city and other strategic locations.

Link to Original Article:

From Visit Panama

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