(For more retail coverage, click GlobeSt.com/RETAIL.)

PANAMA CITY-A privately owned British firm will develop the 2,750-acre former Howard Air Force Base on the banks of the Panama Canal. London & Regional Properties, which is owned by Ian and Richard Livingstone, beat out 16 other bidders, including Miami-based property firm Easton Group, the only other firm to make it to the final round. The selection was made this week, two years after the Panamanian Government invited the World Bank to run an auction to select a developer for the site.

Given the site’s location between the Panama Canal, through which 60% of trade in and out of the US passes, and the Pan American highway, which runs from South America to California, the $700-milion project will include a new multimodal port that will encompass the air-strip, the canal and include massive warehouse-distribution facilities for goods that pass through the canal. The property is also earmarked for thousands of new homes, hotels, a golf course and science park.

The build-out of the property likely will occur over a 40-year period. To make it happen, London & Regional Properties reportedly has teamed up with Isaac and Jaime Gilinski, father and son Panamanian developers who are well known in Central America.

US forces pulled out of Panama eight years ago. Subsequent to the pull-out, control of the base reverted to Panama because of the Torrijos-Carter treaty signed in 1977. The base is now known as the Panama-Pacific Special Economic Area.

The Panamanian Cabinet is due to ratify the decision to appoint L&R next week and the agreement is due to be finalized the following month. A formal master planning application is expected by mid-year.

London & Regional Properties could not be reached Friday for comment. On its website, the company describes the project as “one of the world’s largest development deals.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.