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The ultimate real estate flip takes just 120 years
In 1875 one of the founding families of the then village of Juan Diaz, outside of Panama City, was the Ortiz family. They purchased a parcel of land on a narrow dirt road for the mere sum of $50. Juan Diaz became a township in the District of Panama in 1913. Since that time Juan Diaz has seen phenomenal growth. Today, with a population of over 100,000 this township has become the most populous in the Panamanian capital.
Today it is also one of the centers of manufacturing in Panama, including food processing, wood products, paper, textiles, and other products. In the last decade the area has also become the focus of large real estate developments which has stimulated population growth and trade.
Shopping is big there too nowadays. The centerpiece has been MetroMall with 260 stores under one air-conditioned roof, including four department stores, 40 restaurants, and 10 cinemas, along with numerous bank branches. It also has pharmacies, supermarkets, service payment points, and places for shows as well as a new Courtyard by Marriott Hotel with 120 comfortable rooms.
One of the most popular and large malls, Panama City’s original before Multicentro, Albrook Mall and MultiPlaza were built during the last decade, is Centro Comercial Los Pueblos, located in Juan Diaz. Hundreds of tourists daily, mostly from Central America, find this center a shopper’s paradise.
Dirt road becomes thoroughfare
Right on the edge of all this bustling development sits the Ortiz property, which today remains in the family. The narrow dirt road where an occasional horse-drawn cart once plodded is now Jose Austin Arango Avenue, a major highway where 75,000 vehicles now travel daily. It is a major route of the Metrobus system, and according to the Transportation Master Plan for Panama City, a subway line will cross the township. Easy access to Tocumen International Airport and the Corredor Sur further enhances this property today. As construction creeps in on the property the Ortiz family is putting it up for sale, listed at $1.5 million dollars.
For information on how to be the next owner of this storied lot, contact Origen Real Estate Consultants, Inc. at 390-5700 or 6049-7736 or visit www.TerryBradfordRealEstate.com.