British Firm To Develop Howard Air Force Base
At last, London and Regional Properties, a British based private firm, has been selected to develop the 2,750 acre Howard Air Force base present on the banks of Panama Canal. This firm, which is owned by Ian and Richard Livingstone, has succeeded in getting the deal after facing stiff competition from 16 other firms including Miami based Easton Group. It has been almost two years that the Panamanian Government has permitted World Bank to select a developer.
The land is strategically located between the Panama Canal and Pan-American Highway and is crucial for US trade and economy. It has been eight years since the U.S forces have pulled out from the base. Currently this stretch of land is under the control of Panama Government and is now called as the Panama Pacific Special Economic Zone. Hence, it becomes mandatory that the cabinet of the Panamanian Government finalizes the selection. The cabinet is expected to endorse the appointment of London and Regional Properties soon. The agreement between the Government and the developer will be signed after the endorsement. The company is expected to produce a formal plan in the middle of the year.
Approximately $700 million will be invested in the development whose key features include a new multinodal port apart from housing and recreational facilities such as golf course, science park and hotels.
For an early and successful completion of the project, London and Regional Properties has signed an agreement with Panamanian Developers. Panamanian Developers are a well known firm in Central America and are managed by Isaac and Jamie Gilinski. Although none of the representatives of London and Regional Properties were available for the comments, on the company’s website this agreement has been termed as one of the world’s largest developmental deals.
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