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Panama Global City. The construction sector is continuing to grow in Panama, not only in the residential market, but also in the logistics and commercial developments. The town center is getting smaller and satellite cities are appearing in the newly created province of Panama West and towards the Tocumen area, on the east side.
The Panama Metro will have a station in the Tocumen area, which will connect this mega project with the rest of the city.
Plans are underway to build a mini city estimated at $4.1 billion, which will include areas for logistics, commerce, residential development and city utilities.
The Environmental Impact Assessment (EIA) submitted to the Ministry of Environment in October 2015 by PGC Developers, SA, indicates that the development called “Panama Global City” (PGC) will be located in the districts of Tocumen, 24 de Diciembre and Pacora, in the district of Panama, Panama Province with an área of 570.72 hectares.
The multipurpose urban concept proposed by PGC consists of the distribution of a piece of land according to its functionality and zoning proposal, as described below:
- 317 hectares for commercial and logistics development: the construction of buildings for logistical purposes, technology centers, permanent centers for exhibition of international products, offices, shops, cultural and educational facilities as well as complementary services.
- 50 hectares for tourism development: In this area, there will be a hotel complex and a convention center with complementary services.
- 82 hectares for residential and mixed-use development: the plan is to use the area for multi-family high-density residential developments, including the development of villas, high cost houses and medium / large sized condominium buildings; and a mixed-use area with multifamily buildings combining commercial facilities, offices and services in general.
- 93 hectares for public use areas and Corporate Services: includes green areas, recreational areas for residents and spacious pedestrian access roads as well as sanitation infrastructure, including a wastewater treatment plant, storm drains and sewage systems, in addition to basic services such as drinking water, electricity and telecommunications.
The total project investment is estimated at $4.193 billion in private capital.