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| Destinations >> Panama >> U.S. Developers Find Haven from Recession in Panama Project |
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CHICAGO, July 14, 2009 — During a sluggish economy here in America, real estate developers are finding a growing number of intriguing opportunities overseas. With the Wall Street Journal recently reporting a rise in unemployment in all but two states last month - and with economists predicting it to increase even further - the sliding economy continues to severely cripple domestic real estate development.
“The reality of what’s going on is that there is no private development going on in the U.S.,” says Randy Johnson, AIA, Principal of 4240 Architecture Inc., an award-winning national design firm contracted by Amble Resorts for their new Panama resort project, The Resort at Isla Palenque. “At the same time however there are exciting prospects overseas.”
Properties in Panama are emerging to present those prospects to American developers. Panama enjoys one of the fastest-growing and best-managed economies in Latin America. The expansion of the Panama Canal, combined with a blossoming free trade agreement with the United States, is expected to continue to boost economic expansion and real estate development. Founder and President of Amble Resorts, Ben Loomis, has been well-aware of the growing economy in Panama compared to the slowing economy here at home. That’s why in 2007 he selected a Panama real estate project for his newest venture: The Resort at Isla Palenque. The resort will be comprised of an ecologically and culturally sensitive hotel and string of environmentally sustainable vacation homes. Amble will break ground on the eco resort project in early 2010. Loomis said of Amble, “Although the economic climate is not the only reason we chose to build our property in Panama, we were definitely attracted to the growth and stability there.”
And Amble Resorts is far from alone in this sentiment. American companies are flocking to Panamanian development projects in droves. Several top-tier U.S. firms have joined forces with Amble on this new eco-tourism-focused Panama resort project. In addition to 4240 Architecture, East Bay Group, Design Workshop, and RCLCO are also among the distinguished firms teaming with Amble to take advantage of Panama real estate. “In the last couple of years, domestic projects have fallen off dramatically,” says Rick Reikenis, P.E., Principal for East Bay Group, a renowned engineering firm. “We are very excited about the possibilities in Panama and our current projects there.”
About Amble Resorts Based in Chicago, Amble Resorts develops and owns distinctive upscale hotels and resorts focused on ecologically and culturally sensitive travel experiences. Their new Panama island resort project, The Resort at Isla Palenque, is designed to be a secluded and sustainable resort community with a unique boutique hotel, ingeniously designed residences, and sumptuous amenities. For more information about Amble Resorts or their new property, Isla Palenque, visit http://www.islapalenque.com |
