Construction commences in Howard

November 13, 2008

Canal 13 - Telemetro.com

The English company London & Regional Properties started today, Thursday, the construction of a real estate project that will transform the former American Air Force Base into an urban, commercial and tourist center. "We are able to attract foreign investment at a time when it has been practically reduced in other countries in the region," said Panamanian President Martin Torrijos in a ceremony marking the start of construction of the project. The general manager of London & Regional Panama, Henry Kardonski, said "Panama Pacifico will have a forceful contribution in the growth of the national economy, by providing the infrastructure necessary to be chosen by the most important companies of world." Panama Pacifico brings together commercial, residential, touristic, recreational, and logistical operations in a beautiful setting of natural landscapes. The project, that is developed in the area called the Panama Pacifico Economic Area, includes the construction of 20,000 houses and apartments, as well as the a million square meters of commercial space over the next 40 years. It is estimated the project will create about 40,000 new jobs. London & Regional Properties (LRP) in association with Colombian businessman Jaime Gilinski will invest about $700 million dollars to develop the Panama Pacific project. The AEPP was created to develop and attract investments to the former American Howard Air Force Base near the Pacific end of the Panama Canal, to the West of Panama City. Howard was one of the bases maintained by the United States for decades on the Isthmus of Panama to protect the Panama Canal. This and ten other military bases were closed and their infrastructure was transferred to Panama on 31 December 1999, in accordance with the Torrijos-Carter treaty of 1977.