$705 million will be invested over 40 years
The British group London & Regional (L&R) Panama SA today submitted the preliminary master development plan for Howard, a former U.S. air base in the Panama Pacific region, to the Panama Pacific Special Economic Area Agency (AAEEPP), official sources reported.
For the execution of this project, L&R will invest approximately $405 million over the next eight years and another $300 million over the following 32 years in the area reverted to Panama by the U.S. in 1999, covering approximately 5.000 hectares.
The investment during the first phase will be broken down into two-year periods and in a staggered manner, that is, $60 million in the first two years, $80 million in the third and fourth years, another $80 million in the fifth and sixth years, and $185 million in the seventh and eighth years.
The commitment to Panama was agreed last July, through the signing of the contract - for 40 years - with the government of the Republic of Panama and with the AAEEPP.
The master plan will allow for mixed use of the 1.410 hectares that the project encompasses, including a residential and commercial area, as well as facilities for the installation of call centers, headquarters of regional organizations, and the creation of a business park, among other projects.
The plan was designed by WS Atkins, one of the world's largest civil engineering consulting firms, which has worked on master plans for various projects in Europe.
The firm's technical capabilities, combined with London & Regional Properties' track record and experience, will allow Howard to implement international best practices and meet the highest industry standards, according to the source.
Furthermore, the design of the master plan contributes to AAEEPP's vision of attracting investment, strengthening the national economy, and generating jobs.
“Together with the experts at WS Atkins, we have designed an innovative master plan, taking into account international best practices to ensure sustainable development,” said Henry Kardonski, General Manager of London & Regional Panama SA
Howard is expected to be an attractive destination for developing high-profile investments and businesses, which will be combined with a city model that includes commercial, logistics, residential and tourist areas, according to a company press release.
Furthermore, the preliminary development master plan contemplates strengthening all the basic infrastructure required to maintain the high-quality urban environment that Howard offers as a new city center.
The Area Administrator, Gilberto Ferrari, upon receiving the document, said he was pleased that the schedule was being met as agreed, "so with the formal delivery of the Master Plan we begin the evaluation period, which we will complete no later than December 8th."
London & Regional Panama SA won the bid for the contract to convert the old air base last January.
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