Panama City has opened The bidding process for underground parking garages in Panama is under way, but it will only be a nibble at the city’s parking problem.
The office of the Mayor has called for bids by December 3 when they will be evaluated by a commission.
The company that wins the rights to build the work will have to finance it in its entirety, but will have the right to operate it for 20 years.
The city wants to build four underground lots, at Urraca Park (780 spaces), Harry Strunz Park (366 spaces), Porras Park (362 spaces) and San Francisco Arias Paredes Park (446 spaces.) The final cost of the project will be estimated at between $4 million to $5 million
There are an estimated 650,000 cars in the city with some 4,000 new cars being sold each month.