The 300 hectare construction site was purchased by the Tocumen Airport Administration from the University of Panama for $109 million.
"Juan Carlos Pino, general manager of the airport terminal, commented that the concept will be developed by the government with construction zone concessions granted to the private sector, the aim being to sell the rights to premises and generate a new source of income for the airport, similar to the way the duty free works currently," reports Prensa.com.
The project seeks to turn the air terminal into a business, commerce, health tourism and logistics hub.
Panama’s government, through company Tocumen S.A., will begin by acquiring 325 hectares of land currently owned by the University of Panama for $109 million.
Juan Carlos Pino, CEO of Tocumen S.A., explained that this historic transaction will be the first step in transforming Tocumen into an airport city, which will include shopping malls, convention centers and health tourism infrastructure.
The objective is to determine what part of the 325 hectares incorporated into the Airport will be dedicated to the City Airport project.
A Master Plan will determine which areas will be maintained as part of the administration of Tocumen Airport and which will be given in concession or sale, with a view to the development of Airport City project.
With an investment of $100 million, the construction company will deliver the work between 15th and 20th January.
Juan Carlos Pino, manager of Tocumen SA, told media that the new areas will be used immediately.
"Pino explained that operations will be carried out in only two of the 12 new boarding gates and part of the operational area, where is baggage moved and aircraft re-fuelled and re-stocked with food supplies.
Receive more news about Infrastructure and Construction
Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.
Sustainable 70 Acre Coffee Farm, San Ramon, Costa Rica Coffee Estate, development property with 20 titled lots, ready to develop with roads, water and power. Great Location, close to everything. Ideal area for living or developing an ecologically...