Headlines - Multi-Housing News - Trump Unveils New $220M Mixed-Use Project in Panama
Trump Unveils New $220M Mixed-Use Project in PanamaBy Matthew Marin, Associate Editor
Published: april 25, 2006
APRIL 25, 2006 -- New York -- Donald Trump unveiled his first endeavor in Central America, the Trump Ocean Club International Hotel & Tower, a 2.4-million-sq.-ft., mixed-use development in Panama City that will include 300 hotel condominium units, 500 condominium units, retail, a casino, a private beach and marina.
Co-developed by the Trump Organization and K Group, a resort developer in Panama, the 65-story waterfront condominium tower is being built on a beachfront lot with views of the Pacific Ocean and Panama Bay in the Punta Pacifica district for a current price of $220 million. Plans also include 1,500 parking spaces.
Trump indicated that he became interested in developing in Panama, after hosting his “Miss Universe” pageant in Panama City three years ago. “If I ever were to go back to Panama, it would be when the right opportunity presented itself,” he said. “This is one of the most natural projects I’ve ever been involved in.”
Trump said he expects the tower to reach the success of his other luxury projects, including the Palm Trump International Hotel and Tower in Dubai, Trump International Hotel & Tower in Chicago and Trump Tower in New York City.
The original development plans called for 1.8 million square feet, but the project has since expanded to 2.4 million square feet. Trump, however, would not disclose if the costs have risen as well.
HSBC will be funding the project, while Espacios Urbanos S.A., a Colombian commercializing company, and the Aventura, a Florida-based international sales group, were included in the project. Arias Serna y Saravia S.A., a construction firm, will serve as the contractor.
The development coincides with Panama’s plans for an approximately $5.5-billion improvement of the Panama Canal. Panamanian President Martin Torrijos plans to ask voters for approval of the project to expand the canal in order to accommodate large, modern cargo ships.
“This is a great opportunity for our country,” said Roger Khafif, president of K Group. He also noted Panama’s beautiful weather, low cost of living, low interest rates and its location away from the path of hurricanes. “There is a new phenomenon in Panama, the Americans are coming. It’s a great home for baby boomers.”
Modern Maturity Magazine rated Panama as the number one place in the Americas for retirement and International Living called it the number one place in the world. Conde Nast Traveler selected the country as one of the six best places for a second home in the Americas.
Panama is considered one of the safest countries in the world with the highest rating for tourist safety, according to Khafif. Its proximity to the U.S. means anyone can book direct flights from Panama to seven major U.S. cities. Trump estimated that the project would be completed by 2009.
The Trump Ocean Club is located in the upscale district of Punta Pacifica, one of the most exclusive areas of Panama City. It borders the financial center and the residential area of Punta Paitilla, on land that was reclaimed from the sea. It is linked directly to the rest of the city by the new highway called “Corrector Sur” that guarantees accessibility to any area, including the airport, in less than 15 minutes.
Residents of Trump Ocean Club will be able to enjoy amenities, such as a world-class wellness spa, state-of the-art gym, a business center, pool deck, full-service meeting and event spaces, maid and laundry service and 24-hour Yacht Club.