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One of the biggest proposed projects in Latin America took a step forward recently, when a new environmental impact report (EIR) was submitted for a 542-hectare development on the outskirts of Panama City.

The $4 billion “mini city” would include 300 hectares of commercial and industrial space, 82 hectares for residential and retail, 50 hectares for “tourism” uses and more than 90 hectares for public amenities, according to early plans. Dubbed Panama Global City, the project is about 2 kilometers from Tocumen International Airport and will be part of three local districts–Tocumen, December 24 and Pacora.

A project with this kind of scope is not new for Panama, which is attracting investment money from around the world. Panama City has already successfully produced several large-scale master plan projects—including Panama Pacifico, which is backed by the U.K.-based London and Regional; and PPR’s home neighborhood of Punta Pacifica, the waterfront skyscraper community. Panama City has proven to the world it can turn big investments and big ideas into real projects.

Even on Panama City’s scale, Panama Global City is an ambitious development that could help transform and grow the city. Part of the plan is the consolidate Panama “as a logistics hub and international business, through a joint development of compatible and complementary uses to the expansion of Tocumen International Airport,” according to the plan submitted by the consortium behind the project, PGC Developers.

But it won’t be easy for the developers to gain approval. The project is 2 kilometers from the Bay of Panama wetlands and the area is prone to flooding, critics charge. An environmental impact report was originally filed in 2015, but the document has gone through several changes, according to media reports.

The developer says the group is intent on building a development with “positive” impact for the community. In addition to the industrial space, which can play a key role in growing Panama’s role as an international trade hub, diversifying away from the Panama Canal, the project will add new tourism, entertainment and residential zones.

In the latest EIR, the developers said they strengthened the flood mitigation, both for the project and the surrounding communities, La Prensa reports.