Oh yeah...I see he quoted a PIECE of this article....the math is still WAY OFF however, and it seems PNMS is only 1 of 42 total real estate projects in Boquete. Hmmmm...popular place! LOL
It also appears that the word "Whopper" was referring to the size of the project. Interesting how two people can interpret the same words so differently isn't it.
Another big project for Boquete
Well, the projects in Boquete, Panama real estate just keep on coming. Now we are up to 42 and this ones a "whopper" at $2-3 BILLION. I had expected a large project was coming when a long time friend in Boquete told me they sold his huge family farm last year. Apparently the buyer is a listed company on some penny stock exchange (trading at .0037 per share) involved in E commerce. I would say this is a very different type of developing than they have done in the past. I wish them a lot of good fortune in their endeavor, although they may want to reconsider the name Las Huaces, which means an Indian burial ground. It was a popular cemetary site in pre-Colombian times. Like I always say, more brings more!
PayPro RE Plans 2,300-Acre Panamanian Development
November 01, 2006
By Adam Perrotta, News Writer
PayPro Real Estate Development, a division of e-commerce and e-business firm PayPro Inc., is planning the 2,357-acre Las Huacas de Boquete development project on a mountain peak above Boquete, Chiriqui, Panama. The company, along with partner Desarrollo De Panama S.A., will develop the project in three stages. PayPro CEO Mike Terrell, speaking with CPN today, estimated the total cost of the completed project at between $2 billion and $3 billion. He estimated the ultimate completion of the project to take up to 15 years.
The initial stage of the development will involve dividing the project into seven distinct areas or districts, each with its own unique theme and lifestyle amenities, such as shopping centers, health complexes, mountain homes and condominiums. The initial development will work to preserve the surrounding natural environment. "The main thing is to keep it as ecologically pristine as possible," Terrell said. "We've set aside 628 acres for micro forest, and we're going to leave all the streams and natural elements like that in tact. We're committed to doing this as naturally as possible."
The second phase of the project will entail the creation of a REIT offering 700 participating fiduciary units in the development. At a cost of $100,000 each, the $70 million sale of these units will be applied to the development of a hotel, 36-hole golf course and condominiums.
In the development's third and final stage, each of the seven districts will be sold for additional development. "We will make available the other districts to other developers," said Terrell, "so they can come in and complete their vision, as long as it meets with the master plan and environmental regulations."
According to Terrell, the location, atop a 3,900-foot peak, was chosen for the natural amenities and beautiful scenery. "The location is in the mountains…and the mean temperature is between 50 and 80 degrees throughout the year," he remarked. "You can see the Pacific Ocean, Costa Rica and a volcano on the other side." Terrell expected to draw both people looking for vacation homes as well as retirees to the development.
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