After a lengthy delay, Panama government officials have indicated that construction will soon re-start on the convention center on Amador Causeway, which will be the largest in the country and attract a new wave of business travelers to Panama City.
The head of the Tourism Authority of Panama said a new construction contract has been awarded to a consortium led by the Chinese company, Construcción América (CCA). CCA will provide the funds and Panamanian company Construcción Civiles Generales S.A. (Cocige) will be the representative of the project for the government, CentralAmericaData.com reports.
“The plans made by the Tourism Authority indicate that the work must be completed in 24 months from January 2016, the date on which works must be restarted,” LaEstrella.com.pa reports.
Resumption of this $193 million bellwether project is welcome news for the Panama property market. As we’ve noted previously, the new convention center is a game changer for Panama City’s tourism and meeting business.
The 570,000 square-foot facility will include a banquet hall, outdoor amphitheater and a performing arts center, giving Panama City the type of modern meetings facility required by major international groups.
The convention center represents the next step in the emergence of the Amador Causeway as the next big investment destination. President Varela has already announced plans to focus funding on Amador, as one of his top priorities. The center is a part of a total government investment of almost $300 million in Amador, as it grows as a residential and resort destination. Property experts see Amador as an untapped jewel. It has all the beauty and ocean views of an island resort, yet is only a short drive from all the energy of downtown.
Amador is home to the recently-opened Frank Gehry-designed Biodiversity museum and a beautiful waterfront. But it is still in the early stages of the development cycle.
Amador offers some unique property investment opportunities. Punta Pacifica Realty is working on Naos Harbour Island Residences & Marina, a spectacularly located project that sits directly on the entrance to the Panama Canal, offering incredible views of the Canal as well as the islands of Saboga and Taboga. The project currently consists of 3 residential towers, an enormous oceanfront social area and when completed, will include 122 homes, 16 oceanfront commercial spaces and a 270-slip marina.
Contact us now to learn more about Amador opportunities.