US giant White & Case has bagged a lead role advising the Republic of Panama on the redevelopment of the Howard Air Force Base next to the Panama Canal.
The $700m (£357m) project covers 2,750 acres of land and is expected to create around 20,000 jobs. The scheme, known as the Howard Project, will redevelop a 1.7 mile airstrip built by the US but largely abandoned since its forces left the country eight years ago.
Leading UK developer London & Regional Properties has secured initial rights to build a new ‘mini city’ on the banks of the Panama Canal.
The project is expected to be ratified by the Government of Panama in a matter of weeks.
The team at White & Case was led by Miami real estate partner William Walker.
Walker commented: “About 60% of the trade in and out of the US passes through the Panama Canal. When you combine thousands of new homes, hotels, a science park and a golf course, with the proximity to the world’s busiest trade canal, you can see why the global investment community is taking note of this project.”The flagship project will also spark a race among UK advisers to secure the coveted lead counsel role to London & Regional. Herbert Smith, a regular adviser to the developer, has been cited as a leading candidate, although the firm declined to comment.
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