Tocumen S.A. authorized Odebrecht to begin the topography and geology studies. The studies are being conducted in the vicinity of the South Corridor, where a new four-lane access road to the terminal will be built. The studies will determine the soil composition and provide indications on how to divert the flow of the Tocumen River.
According to the proposal submitted by the Brazilian company, the cost to construct the main building that covers 75,000 square meters, including equipment, is $415.6 million dollars, while $66.7 million and $15 million dollars will be allocated for the new runway and control tower, respectively. The four-lane boulevard, which includes work on the Tocumen River, will cost $43 million dollars.
The first phase of the South Terminal, including part of the main building that will have nearly 20 boarding gates, should be completed by mid-2014. With this new expansion, Tocumen will have the capacity to handle 15 million passengers per year. Last year 6.8 million passengers passed through the airport, of which 45% were still in transit to a different destination. In late 2012, Tocumen, which is 100% state-owned, was given permission by the Cabinet Council to borrow money, issue bonds or request any other debt security in order to obtain the necessary financing to cover the costs of the project.
To cover part of the investment, Tocumen will rent out the commercial offices that will be available in the terminal. This process, which will make concessions for 5,000 square meters, is estimated to provide nearly $500 million dollars in royalties. In 2007, Tocumen obtained $200 million dollars from the rentals of 2 million square meters of commercial space.
Million dollars is allocated by Norberto Odebrecht to cover any damage caused by the project.
Million dollars is the price tag for the new airplane taxiways.