News

Amador Causeway, the picturesque stretch on Panama’s bay, continues to generate interest from property developers and real estate investors.

The latest news centers on long-discussed plans to build a cruise ship terminal on the Causeway, which is home to the recently opened Frank Gehry-designed Biomuseum and the Amador Convention Center, scheduled to open later this year.

The idea of building a cruise ship terminal on Amador was tabled by the previous government. But the project has new life under the recently installed administration of President Juan Carlos Varela.

President Varela has formed a new committee to comprehensively study development of a cruise ship terminal on Amador, La Prensa reports. The committee will be chaired by the Panama Maritime Authority and include key government representatives, with an eye toward the impact on tourism and trade, including links to the new museum and convention center.

A group of private investors might step up to partially fund the project and reduce public risk, according to La Prensa coverage.

“The proposal is being discussed, though the amount that would be spent on the project has not been indicated, because negotiations are just starting, ” Jesus Sierra, current administrator of the Tourism Authority of Panama, told the newspaper.

Panama City is already on the cruise ship map, but passengers typically need to use tenders to reach shore. Building a designated cruise ship terminal, a concept employed by competing destinations around the region, would require extensive dredging, a process that would add cost to the project, detractors said last year.

But private investors are willing to back the project, Mr. Sierra told La Prensa.

Based on the scant details in the report, the proposal is likely at a very early stage. But it is still interesting news for Panama City’s fast-growing tourism sector, with wide-ranging repercussions for the real estate market.

More tourists means more people exposed to the city’s beauty — and more potential buyers and renters. The cruise ship discussion also points to the growing role of Amador in the city’s future real estate and development plans.

For those you unfamiliar with it, Amador is drive to a cluster of small islands, each with spectacular views back to the Panama City skyline. The natural beauty and its proximity to all of the city’s amenities, while sitting apart from the city, is attracting developers and investors from around the world.

Amador is already one of Panama’s biggest tourists attractions, along with the Panama Canal and Casco Viejo. New residential and hotel accommodations on Amador will attract new investment and provide an alternative escape for Panama’s wealthy residents, eliminating the need for the long drive to the beach areas.

Clearly forces are moving to unlock the potential of Amador. Stay tuned.

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the exclusive neighborhood of 18 towers perched on the edge of the Pacific Ocean.