Colliers Int'l Pushing 167 Acres on Panama Canal

PANAMA-One of the world’s greatest engineering feats is now yielding a humongous commercial real estate opportunity. The 167-acre Isla Margarita is considered the last remaining developable waterfront parcel on the Atlantic side of the Panama Canal, according to officials at Colliers Multimodal Services Group, which has been retained as brokers for the property.

Port and terminal operators and similar firms involved in maritime industries are among those expected to pursue the one-time US naval installation, says John Carver of Colliers, executive director for the multimodal services division. “Furthermore,” he adds, “the Isla Margarita has more than 2,000 meters of pristine coastline offering the potential for other forms of development, such as beachfront hotel, restaurants, retail or entertainment.”

That multi-faceted vision certainly seems light years removed from the godforsaken, mosquito-infested quagmire through which the canal was forged a mere century ago, although Panama Canal Authority chairman Ricaurte Vasquez stresses that the waterway itself serves a far different level of ocean vessel than ever could have been imagined at the outset. “With an increase in ship size and the volume of cargo traffic, the existing canal has nearly reached capacity,” says Vasquez, prompting the authority to approve a $5.3-billion enterprise last year that will create another lane for traffic entering and exiting the canal.