In July 2007, the Government of Panama, in a process coordinated by the World Bank, selected L&R as the Master Developer for the redevelopment of the former US Howard Air Force Base - one of the largest development deals ever recorded.
As the successful bidder, L&R was awarded a long term concession to develop this amazing piece of land into a landmark master-planned community with more than one million square metres of commercial development, 20,000 new homes, hotels, shops, schools and parks.
Panama Pacifico began construction in November 2008, and as of July 2011, included over $150 million in new development. New commercial parks including offices, warehouses and infrastructure are open and operating with more than 100 international companies. Among them, are seven Fortune 500 heavy-hitters such as 3M, Caterpillar, Dell, SamTec, VF Corporation, Covidien and BASF.
The Special Economic Area benefits are a major draw at this emerging global business hub, in addition to the easy connectivity available to the Pacific Ocean ports on the Panama Canal. Panama Pacifico celebrates its first residents moving into new residential neighborhoods in December 2011, and now boasts a number of onsite restaurants, private schools, convenient retail and recreational facilities.
For more on this growing international community, 15 minutes to metropolitan Panama City, click here