real estate

Fantasy project still unapproved

LA PRENSA

Carlos Llamas, president of the Panamarina consortium.1007676

The consortium of companies behind the $2.5 billion Panamarina Pacifica project want a commitment from the government that would allow them to go ahead with their plans---a massive urban development fantasy that would be built in the middle of the ocean, three miles off the coast of Vera Cruz, in the shape of the Panamanian flag.

"We want a commitment that if the environmental impact study is approved and all legal requirements are met, the government will allow the development of the project," said Carlos Llamas, president of the consortium.

According to José Batista, director of the Desarrollo Urbano del Ministerio de Vivienda (Mivi), "before approving any project, the Ministerio needs a legal document from the Republic of Panama assuring the legal tenancy of this territory, even though it's landfill in the sea." Such a document would have to be approved by the Asamblea Nacional and the agreement between the government and the project's developers, if ever reached, would be similar to that signed for the construction of the Corredor Sur by the Mexican construction company ICA. The government has been considering allowing the developer to "fill" 2.7 million square metres of seafloor in exchange for investing $300 million in improving the infrastructure of Veracruz.

The community would see the creation of a seaside promenade, the regeneration of its beaches, the construction of a school and a hospital, road improvements, a mass transit system and a residential development of 2,500 homes.