Leaving the Real Estate Slump Behind in Panama |
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Written by Amy Keller
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When the real estate slump first hit Florida two years ago, Naples developer Todd Gates began sniffing around Central America and Caribbean markets for business opportunities. Gates, chairman of a Naples-based construction and real estate development company that bears his name, realized quickly the place to be was in economically booming Panama.
The once sleepy Central American nation is experiencing unprecedented growth thanks to an influx of American retirees, investment from other Latin American countries and the $5.25-billion expansion of the 93-year-old Panama Canal, which will double the canal system’s shipping capacity by 2014. To land projects in Panama, Gates forged a partnership with Cocige, one of Central America’s largest construction companies, helping American and European companies looking to expand into Panama navigate the permitting process. The Gates-Cocige partnership offers companies the peace of mind of working with an American-based contractor and the expertise of individuals who understand the Panamanian system. Today, Gates-Cocige is working on four projects: A 24-story hotel in downtown Panama, a 1,500-acre resort community on a remote island, a 150-acre marina and resort and a 400,000-sq.-ft. office building and hotel in downtown Panama. Gates spends one week a month in Panama, but he doesn’t mind the commute to the second-largest free trade zone in the world. “You can get there quicker than you can get to Tallahassee.”
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