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New Parking for Panama City

New Parking for Panama City

By in Blog with 0 Comments

The Mayor of Panama this month gave the green light to start construction on three separate underground parking facilities which will provide 1,100 new parking spaces throughout the city.

The first phase is responsible for building 362 parking spaces in the Parque Porras followed by 449 in the Francisco Arias Paredes park located between Cuba and Peru Avenue.  The development is a public/private venture and includes private investment of $ 14 million.

Meanwhile, Plaza Parking SA, at a cost of $ 7 million, will be building an additional 300 parking spaces in the Harry Strunz park, across the street from the Global Bank building.

Works are set to begin in February, although plans for the underground parking at Parque Urraca and in El Cangrejo are still on hold for the time being.  The cost of parking, when completed, will be between three and four cents per minute.

About The Author

Kent Davis, founder and Managing Director at Panama Equity real estate, has been widely quoted in publications such as Wall Street Journal, Time Magazine, The Miami Herald and the Financial Times for his unabashed views on the Panama real estate market. Panama Equity is regarded as one of the most active real estate agencies in Panama and Kent’s articles, reports, and market research projects have been syndicated by press agencies including Bloomberg and the Associated Press.   Connect with the Author via: Email | LinkedIn | Facebook | Google+

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