Panama is to be the site of an aerotropolis after it was announced that some 344 hectares of land around Tocumen International Airport will be developed into a mixture of logistics, commercial and residential plots.

Termed the 'Panatropolis', the project will transform Tocumen into an economic engine for the Panamanian economy, boasting facilities for international freight companies, offices and conference venues, entertainment in the form of casinos, hotels and shopping precincts, medical facilities and even schools.

The Panatropolis was unveiled by a group of investors headed by Panamanian entrepreneur Juan Luis Chevalier. Jack Kasarda, a leading developer of the aerotropolis concept, also provided his input.

It is estimated that the project will generate 3,000 direct jobs and construction will take between five and 15 years. In 2010 some $412 million will be invested in the project and this is expected to double the following year to $1,028 million in 2011, $513 million in 2012 and $877 million in 2013.

Chevalier, CEO of the Panatropolis, told the El Panama America newspaper the project will be "the most innovative logistics platform in the region and has all the urban facilities that can be offered in the airport environment."

Joseph Homsany, director of the company, said that the project will help establish a sustainable logistics platform with world-class standards for the Americas.

Tocumen International Airport is the headquarters of Copa Airlines and recently completed a three-year, $85 million modernisation programme, including the expansion of its main passenger terminal to 20,830sqm and the renovation of its cargo terminal. In 2009, the airport handled 4.7 million passengers, a 4.4% increase on the previous year and 83,513 tonnes of cargo, a drop of 3.8% on 2008.