real estate

Howard plans approved

London & Regional Properties will invest $405 million in its development of the former military base.

2,750 acres to be used for business, residential, recreational and educational purposes.

JIHAN RODRÍGUEZ/LA PRENSA

Future Plans: The former Howard military base will be converted into a "hub of world class business and commerce," with residential and recreational areas as well.952365

The master plan for the development of the former Howard military base has been approved by the Agencia del Área Económica Especial Panamá Pacífico (AAEEPP). The plan was submitted by London & Regional Properties (L&P), one of the biggest private property companies in Europe.

L&P secured the development deal, one of the world´s largest, earlier this year. The company will embark on its eight-year development program beginning in early 2008. L&R hopes to position the former base as a world class global investment, commercial and leisure destination.

The masterplan envisions a variety of uses for the 2,750-acre site, including a technology park, residential areas of varying density that can accomodate some 20,000 homes, trade centers, hotels, a resort and a golf course.

"What we are going to build is a hub of world class business and commerce. And at the same time, a high-quality urban environment, which maintains the character of a garden city, said a spokesperson.

The city will house mainly workers and executives of the companies installed there, but that does not exclude the possibility that others may be able to buy in to the area.

Some companies have been offered special incentives to set up shop in the new Howard, including call centers, logistics services, high-tech manufacturing, data centers and companies involved in aircraft maintenance and repair.