Two New Islands Planned Off the Coast of Panama City
(internationalliving.com) This may be some of the most exciting (and controversial) news to come out of Panama City of late: construction has commenced on two new islands in the Panama Bay.
In 2008, I reported in International Living rumors the Panama government was considering this massive project. Reports two years ago estimated the investment would be close to $140 million; the new figure released days ago puts the entire cost at $300 million.
The new islands are being built off the coast, just across from the ritzy new neighborhood known as Punta Pacifica.
The original plan called for 138 buildings of up to three stories in height—but there’s no word yet on whether that figure has since been revised. We do know, however, that the project includes the construction of two new bridges—one to connect the islands or “sectors” to each other, and another connecting the new islands to the mainland.
Per Panama’s La Estrella, the easternmost island will be about 25 acres, while the westernmost island will be slightly smaller, at just over 21 acres in size. Local consortium Grupo Los Pueblos is driving the project with the help of Mexican construction company Ingenieros Civiles Asociados (ICA).
Local realtors say there will also be a 26-acre harbor featuring more than 200 wet slips. Other amenities may include parks and recreational areas, golf course, tennis courts, 24-hour security and even heliports.
Local news sources have yet to address rising concerns about the project. Punta Pacifica is already over-congested, with heavy traffic during peak hours…how will the new development avoid compounding the problem? Will owners in Punta Pacifica, many of whom spent $300,000 and up to enjoy ocean views, have their views obstructed? How will the new project affect the massive Panama Bay cleanup that is currently underway? We’ll keep our eye on the situation as more details are released.
Panama president Ricardo Martinelli says the development is yet another sign the tiny nation’s economy is thriving…and will continue to do so for years to come.
The project, he says, will boost tourism and create jobs. Ocean Reef is just one of many mega-projects underway in Panama today, leading some to dub the nation the “Latin Dubai.” According to recent reports and IMF figures, the isthmian nation will grow more than any other country in Latin America over the next five years, with an estimated annual growth of 6.6% on average.
According to the developers, the first Ocean Reef lots should be delivered by first quarter 2012 and possibly as early as December 2011.
For more details on Ocean Reef, see: www.oceanreefislands.com.
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Original Source; Internationalliving.com
Date Retrieved: November 2, 2010.
