The Panamanian government has been examining the possibility of handing over the area to a master developer, as was done successfully with the area of the former Howard base.
Thursday, February 23, 2012
The Administrative Unit of Reverted Areas (UABR in Spanish) at the Ministry of Economy and Finance has among its available assets, the Sherman base, an area of great commercial potential.
In order to advance the process of awarding former U.S. base in a concession, the UABR has ruled out the existence of any legal proceedings concerning the administration of these lands, comprising 266 hectares, of which 140 are developable and the rest are wooded areas.
According to an article in Prensa.com "The next step is to determine the format to be used for Sherman’s development. The Government is studying the possibility of giving the area to a master developer, as was done with the Howard base, or to develop the 140 acres separately. What is certain is that the state needs to invest about $14 million in order to create the public infrastructure required by the development."
The executive secretary of the UABR, Juan Carlos Orillac, said "there are 3 consortia, backed with Panamanian capital, interested in investing in the area which has the greatest potential for tourism in the country."
The government has not received any proposals from a single buyer, so the 144 acres of the former military base will be split up for sale separately.
The subdivisions of Sherman will be available to buyers for the tourism development, in which, according to a study by C4T, investments could be made of up to $180 million.
The government has launched an aggressive plan to promote investments in two areas of most interest to tourism: the former U.S. base in Sherman, in the Caribbean, and Amador, on the banks of the Canal on the Pacific side.
Authorities in Panama have set in motion an ambitious plan to attract investment in two areas of most interest to tourism: the old Sherman U.S.
There are 5.000 hectares of undeveloped land surrounding the Panama Canal.
The project to expand the Canal has increased the value of these lots, which used to be managed by the United States before the signing of the Torrijos-Carter treaty, which recognized Panamanian sovereignty over the Canal.
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