The complex will be developed in a 300 hectare area, which was purchased by Tocumen SA for $109 million.
A press release from the Tourism Authority of Panama reads:
After completion of the North Terminal, the next projects planned by Tocumen are the airport city "Aeropolis" and the Dock and South Terminal, valued at approximately $750 million.
The "Aeropolis" project, consisting of commercial, hotel and hospital infrastructure, requires around $400 million, while the Dock and South Terminal is expected to cost $350.
The company Foster and Partners is interested in participating in work on the new terminal on the south side of Tocumen International Airport.
The company, which designed an airport in Hong Kong Airport and one in Shanghai has expressed interest in participating in the bidding process to be held next year, said the president of the Board of Tocumen, Frank de Lima, at the end of Panama Invest which took place in London and Paris.
The works scheduled to start at the Panamanian airport in 2012 and 2015 will be advanced for the end of 2011.
Airport management, driven by increased passenger volumes and the interest of new airlines to operate at the terminal, have forced construction of the South Pier, which was expected to begin in 2012 and the new building for immigration planned for 2015.
Tocumen International Airport would be negotiating the purchase of 300 hectares of land for its expansion plan.
The lots are owned by the University of Panama (Universidad de Panamá), who would be engaged in conversations with the Airport's administration to close the deal.
The expansion of Tocumen Airport was awarded to the Colombian Consortium Aerotocumen, whose bid was $68.65 million.
The contract includes construction of a new terminal, remodeling the main facade, a new presidential lounge, an administration building and other logistical facilities.
According to the report published in prensa.com: "The Colombian consortium submitted the lowest bid, but two of its competitors (Constructora San José and Odebrecht) called for their disqualification because they did not meet several requirements from the list of duties, from legal aspects to the lack of experience of the personnel proposed for the project."