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The Future of Panama City is Bright

Aug 17, 2007
The city was founded on August 15, 1519, by Pedro Arias de Avila, also known as Pedrarias Davila.

Within a few years of its founding, the city became a launching point for the exploration and conquest of Peru and a transit point for gold and silver headed back to Spain through the Isthmus.

In 1671 Henry Morgan with a band of 1400 men attacked and looted the city, which was subsequently destroyed by fire.

The ruins of the old city still remain and are a popular tourist attraction known as Panama la Viejo Old Panama.

It was rebuilt in 1673 in a new location about 5 miles west-southwest of the original city.

This location is now known as the Casco Viejo or Old Hull of the city.
The year before the discovery of gold, the Panama Railroad Company was formed, but the railroad did not begin operation until 1855.Between 1848 and 1869, the year the first transcontinental railroad was completed in the United States, about 375,000 persons crossed the isthmus from the Atlantic to the Pacific, and 225,000 in the opposite direction.

That traffic greatly increased the prosperity of the city during that period.

Visitors who wish to experience more of the local atmosphere are advised to look for accommodations nearer the commercial and financial centre of the city, that is the neighbourhoods of Bella Vista, Marbella or El Cangrejo.

For the tighter budgets Casco Viejo is a better option. In the neighbourhood known as Bella Vista, Calle Uruguay is home to Panama's newest cosmopolitan restaurants among them La Rojas, Bistro 10, Peperoncini and La Posta.

The city is also growing as a haven for seniors of the United States due to low tax incentives and a tropical climate.

The demand for space in Panama City has sparked a construction boom and skyscrapers are being to built as condos to supply the number of people entering the city.

A new building, currently under construction in the city, the Ice Tower will be nearly the height of the old World Trade Centre.

Billionaire tycoon Donald Trump sees the citys future as a bright one. In 2006, he moved into the construction frenzy in Panama City with a tower that is to be more than 800 feet tall.

The city is emerging as a regional player in finance and chances are that more buildings are on the way to supply all the business arrivals the city is getting.
Unfortunately, the waters in the coast of the city are polluted, and bathing in them is not allowed.

However, there are beaches available nearby. The closest is the Playa Bonita Complex, right next to the city, crossing the Bridge of the Americas.

There are also many more beaches, in the Pacific and Caribbean side one of the advantages of Panama is the possibility of bathing in two oceans easily, as they are just hours apart. In recent years there has been huge development of beach hotels.
About the Author
Douglas Scott works for The Rental Car Hire Specialist. and is a free lance writer for The Panama City Rental Site
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