A residential complex that will house 765 housing units and will be composed of five apartment towers of 19 levels each is planned to be built in San Miguelito, Panama.
ICA Panamá, S.A. presented the Environmental Impact Study (EIA) to the Ministry of the Environment to develop the residential project called "Brezze Island."
The document explains that the residential complex will be built on a 5.48-hectare site, located in the municipality of Rufina Alfaro, district of San Miguelito, province of Panama.
The Ministry of Public Works is putting out to tender works on adapting to three lanes and reversing of lanes in the North and South corridors, in Panama City.
Panama Government Purchase 2017-0-09-0-08-AV-004921:
"The project involves adaptation, adjustments, signaling for reclassification to three-lanes and reversing of lanes on the North and South corridors, which are located in the city of Panama, however, the contracting entity, may determine taskswhile carrying out work in the field which have not been defined in the terms of reference and plans, to ensure connectivity and integrity of road networks and / or accessibility to basic services, such as health centers, schools, roads, production, etc., as long as they relate to a route which is continuous, (or) neighboring, (or) perpendicular to any point on the route of the project, which must be formalized by legal instruments defined in the Request for Proposals."
While the government discusses possible options for funding expansion of the road, the union of engineers and architects aims to develop the project through means of a tender.
The expansion project of the Southern Corridor route is estimated at $509 million and it has still not been defined how the funds needed to carry out the work will be raised.
After an initial rejection by the ANAM, Empresa Nacional de Autopistas has presented another environmental study for an urban development in 44 acres of landfill, which would provide resources for the expansion of the Southern Corridor.
After the National Environmental Authority of Panama (ANAM), rejected the environmental study submitted by Empresa Nacional de Autopistas (ENA), this entity has been working on new studies to obtain approval to develop a real estate project on a landfill site and use those resources to pay for the expansion of the highway, estimated at $509 million.
The 6% rate paid on the ten year term issuance is higher than that offered in issuances that were made to finance the purchase of the North and South corridors.
The National Highway Company has turned to the stock market in order to fund the expansion of the northern corridor road, having succeeded in raising funds for the northern and southern sections.
A new environmental impact study is being carried out and available for citizens interested in finding out about the details of the extension of the Corridor.
Due to the complexity of the expansion project of the South Corridor, the National Environmental Authority has requested a new environmental impact study, rated as category III.
Although in November 2013 the National Highway Company presented an environmental impact study for the south corridor's expansion to six lanes, the National Environmental Authority (ANAM) has requested a new category III study. The new study received in early January shows no major changes compared to the previous one, the components of the project and the total cost of $509 million remain the same.
The company in charge of the environmental impact study has provided the estimated costs of the work, which could be completed in four years.
The company Ingenieros Civiles Asociados (ICA) has submitted to the National Environmental Authority (ANAM by its initials in Spanish) the environmental impact assessment (EIA) for the work, which according to the document will consist of four components.
The Panamanian Association of Business Executives has joined other unions in criticizing the direct extension of the contract with Mexico's ICA.
Fernando Aramburu, president of the Panamanian Association of Business Executives (APEDA) regrets that the contract signed by the Government with the company Ingenieros Civiles y Asociados Asociados (ICA) does not give more options to the National Highway Company (ENA).
The Mexican company ICA made a net profit of about $220 million after the concession for the Southern Corridor reverted to the Panamanian government.
A press release by the company dated August 1, 2011 stated that “Today, ICA and the company owned by the Government of Panama, the National Highway Company, SA (ENA) signed an agreement for the sale of shares held by ICA Panamá, for the ‘Corredor Sur’ concession.
The government has signed a contract for the acquisition of 100% of the shares of the road called ‘Corredor Sur’ from the company ICA.
The transaction was made between the State National Highway Company (ENA) and Ingenieros Civiles y Asociados (ICA), and consists of $25 million in equity and issuing $395 million in bond debt.
The State must provide an additional $25 million to establish the reserve accounts for the bonds, as detailed by the Ministry of Economy and Finance (MEF).
The state has approved the extension of the South Corridor and granted rights for the seabed to be filled in up to 40 hectares, so as to provide a source of funding for the extension.
The new landfill will be extended between the former Marcos A. Airport Gelabert (now Punta Pacifica) and the Convention Center Atlapa.
"The commercialisation of 40 acres of landfill, - the extension would be almost double the size of Punta Pacifica -,will finance the expansion of the South Coridor to six lanes for its entire length and to extend the Northern Corridor to December 24. However The Government has not yet decided how to exploit these rights to fill the seabed." from an article in Prensa.com
The company Ingenieros Civiles Asociados (ICA) has been given contracts to widen both the South and North Corridors.
The works comprise the widening of the South Corridor to six lanes and the extension of the North Corridor, until 24 December.
"In the case of the South Corridor, ICA Construction has an existing contract with ICA Panama, the highway concession holder, to carry out the work, which the government has decided to respect," reports Prensa.com. "With the North Corridor Pycsa, the highway's current owner, will grant ICA rights to undertake the extension".
Works comprise widening the road to seven lanes in both directions and relocating toll stations.
Mexican corporation ICA will execute the project, which runs from “Presidente Remón” Hippodrome to Tocumen.
“It will take three years, and will help solve the critical traffic jam which currently occurs at this highway”, reported ICA, who also remarked that in order to begin, the Government must make official its acquisition of the road.
Panama's new government began an auditing process of the companies operating the main highways in Panama.
The Concession Agreement allows for government audits, which have taken place twice in the past.
Fitch rates BG Trust, Inc. (Panama, Corredor Sur Trust) $150 million series A notes 'BBB' with a Stable Outlook. Traffic on Corredor Sur has continued to grow.
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