New private sector project slated for development at Panama Canal Atlantic Entrance

Jones Lang LaSalle’s Port, Airport and Global Infrastructure Services in Los Angeles, California has announced plans to develop the Panama Canal Colón Port at the Atlantic entrance to the Panama Canal. To be built on freehold land, the $687 million private sector project will be among the largest new maritime infrastructure developments to commence in Panama. Jones Lang LaSalle is acting as strategic advisor to the project consortium.

The new port has been designed to complement the Panama Canal expansion project currently underway at a reported cost of $5.25 billion and is targeted to open in 2014. The Panama Canal Colón Port is expected to accommodate a through-put capacity of 1 million TEUs (Twenty foot equivalent units) in its initial phase, and a total of 1.6 million TEUs upon full completion in 2015.

"The Panama Canal Colon Port will represent the first terminal project in Panama to be specifically designed and built for the post-Panamax era," said John Carver, Executive Vice President, Port, Airport and Global Infrastructure Services at Jones Lang LaSalle. "The project is bringing together some the world's leading maritime experts to help carry out the vision for creating a modern and cost efficient port complex."