Tocumen International Airport is the main airport in Panama which is often called the “Hub of the Americas” as it is the easiest gateway connecting North America and the Caribbean region with all of Latin America.
While Panama is famous for its Canal which connects the Atlantic and Pacific Oceans for ships; Tocumen International Airport has been expanding. The Panama Canal is also expanding by building a 3rd set of locks which can accommodate larger cargo and container ships which is expected to be completed in 2015.
Panama’s infrastructure is expanding faster than any other Latin America country. Besides the Tocumen International Airport and Panama Canal expansions; Panama’s interior airports are expanding along with its national highway system, and the first of a 3 line subway system in its capital Panama City is expected to be completed in February of 2014.
Panama’s Tocumen International Airport is situated nearly 24 kilometers (15 miles) from Panama City has been undergoing an expansion for the past five years. It is rapidly becoming a regional hub. Increasing the number of gates by building two new terminals will attract more flights from different carriers.
Panama’s Copa Airlines is the biggest contributor to the Tocumen Airport’s expansion. Copa Airlines is the fastest growing airline and now connects Panama to over 50 destinations in the Americas, Caribbean and other world destinations. Copa can claim to have 180 flights going to 55 destinations in 27 countries which all originate in Panama’s Tocumen International Airport.
Tocumen’s main passenger terminal expanded by nearly 21,000 m2 (224,000 sq. ft.) costing $21 Million USD. 22 new boarding bridges were built replacing 14 older bridges. This brought the total to 28 boarding gates when the installations were completed in 2006.
The old cargo terminal which was built in 1947 was also renovated. The central building was redesigned with new buildings for cargo companies.
Tocumen Muelle Norte is the 2nd expansion area of Tocumen International Airport costing $60 Million USD including a new terminal with docking facilities (gates) for 12 additional aircrafts. This will bring the total of gates to 40. A new road will connect the airport’s administration building with the cargo terminal and new taxiways and platforms will also be built. The main passenger terminal will be linked to Muelle Norte with ten moving passenger walkways plus commercial space of 1,400 m2 (15,000 sq. ft.).
The 3rd expansion phase is for a new South terminal costing $300 Million USD providing an additional 20 gates which will bring the total gates to 60.
Tocumen SA is a private company owned by the Panama government which administers Tocumen International Airport.
Panama has a 30 year master plan to build an “airport city” on 295 acres near the main runway. Panama’s airport city will have office buildings, retail spaces, hotels and meeting spaces. Tocumen SA will award concessions to private companies wishing to develop “airport city” by joint venturing with Tocumen SA.
Outside of the Tocumen “airport city” is a 2,000 acre area which will be developed by Immobilaria Sol Brillante which will create residential housing, an international business center, mixed commercial use, convention & exhibition center, entertainment areas, and a hotel over a 40 year period. This group has already put in $100 Million USD into this project by buying land and paying for engineering and architectural designs.
The future is bright for Tocumen International Airport which is truly the Hub of the Americas – just one of many reasons to consider relocating to Panama and or Panama immigration.
Contact US for exploring the investment opportunities in the areas surrounding Tocumen International Airport.
