The Mexican company ICA (“Ingenieros Civiles Asociados”) will build during 2010 two artificial islands in front of Panama City, on Panama Bay, with an investment of U.S.$ 140 million, where 138 exclusive residences will be built to become the " most exclusive and elegant mixed-use community of the city”.
Initially the project consisted of three islands: La Pinta, La Niña and La Santa Maria, as the names of the three saling ships of Christopher Columbus. But for environmental reasons it was decided to remove La Niña island from the project. The two islands will be located 150 meters from the coast, over the sole real estate area known as Punta Pacifica. La Santamaria will have 10.3 hectares of land where 72 lots will be distributed to residences and La Pinta will distribute 8.8 hectares for 66 lots. The total hectares of land is 19.1, equivalent to 5 baseball stadiums. The lots will vary between 800 and 1800 square meters and will be sold between U.S.$1500 and U.S.$5000 per square meter. The cost of the residences is not included.
The construction of the islands consists of dredging for about five months for each island to extract marine mud in order to place it on barges and then move to specific "environmental unaffected” sites in the sea. The project also includes the construction of a seawall with rocks up to two tons and then continue with the filling with various materials including sand, stone and basalt rock. In total, it will need four billion cubic meters of materials, which is equivalent to the size of two pyramids of Egypt.
The project has all the requirements to prevent environmental and ecological damage, and will be built with high tech.
The residences will be finished between 2011 and 2013, according to the construction company.
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