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By: Staff at POLS Attorneys
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Casco Antiguo’s Terraplen Area Renovated. Panama City Mayor José Isabel Blandón recently announced that the neglected historic neighborhood called El Terraplén will become a tourist pedestrian zone.
El Terraplén is the old waterfront area of Panama City, filled with tiny shops. The area is notoriously squalid and unsafe although efforts were made by the city to clean up the neighborhood with the relocation of its Public Market and increased security patrol.
Mayor Blandón took a personal tour of the area which is a gateway to Casco Antiguo. He announced that the area will be upgraded. The aim is to improve drainage, lighting, and security along with additional upgrades. The idea is to make the area safe for tourists visiting the entire Casco Antiguo area.
While the price for renovating the neighborhood is unknown, the mayor intends to sit down with the “beneficiaries of the improvements” to create a joint investment.
Demolition of existing dilapidated structures has already taken place. The city relocated 150 merchants and traders from El Terraplén to the Market of the Americas located in the Calidonia neighborhood which was inaugurated on January 10th.
The Market of the Americas is another city enterprise where local merchants and fruit and produce vendors offer foods and products at lower prices than at the corner markets and the supermarkets. The city also has a local tax office and a judicial administrative office (Corregiduria) located in the market.
Historical areas like El Terraplén before being renovated offer investment opportunities to purchase real properties before they increase in value after the renovations are completed. Contact a Panama real estate law firm to learn how to take advantage of these opportunities.