Casco Viejo in Numbers according to AVACA

Casco Viejo, Casco Antiguo
Real Estate Investment

at Panama City´s Historic District

The Casco Antiguo Neighborhood and Friends Association (AVACA, for Asociación de Vecinos
y Amigos del Casco Antiguo) is a neighborhood ngo that this month celebrates its first
year.  For the first time, the community joined hands to work towards issues
that development brings to upcoming barrios and to start gathering statistics of its
growth.

Recently, El Casqueño published part of this information on a study made about the
pace of development. Today, we´ll post some preliminary numbers on the growth of its
internal economy.  Not a perfect count, but it provides with an important insight
on Casco, which started its development in 1997 but it was only by 2005- 2006 when
things started to gain momentum. Among the interesting facts are that during 2009,
when things went slow because of the economic crisis, Casco Viejo entrepreneurs managed
to open about 20 businesses as opposed to only 5 during the previous year.

Number of annual cultural festivals: 4 (Panama Jazz Fest, Music Fest, FAE Theater
Fest, Dance Fest)
Number of theaters/ cultural spaces in the Casco: 5
Number of people attending Panama Jazz Fest: 20,000
Number of music students attending Panama Jazz Fest: 830
Number of existing accommodations (hotels, guest houses, youth hostals): 5
Number of beds in Casco Viejo right now: 120 -130
Number of hotels under construction 2010-2011: 6
Number of hotels in plans post 2011: 3
Number of rooms under construction 2010-2011: 254
Cost of Construction:  to give you an idea, only Hotel Central reported their
project was 20 million. They have about 140 rooms. Unofficial numbers point out that
all 6 together (small and big projects) could be around 60 million.

Number of Commercial spaces (restored) and in use in 2009: 90
Number of operating restaurants (San Felipe up to 11th Street): 27
Number of commercial spaces under construction 2010: 13
Number of commercial spaces that will be restaurants: 4
Number of cruise ship passengers visiting Casco (Apr- Oct): 980
Number of tourism- related websites that include photos of Casco in their content:
9 out of 10

Number of ngo`s working in Casco Antiguo: 8
Number of children, women and adolescents that are part of social programs of these
8 ngo`s: 651

Number of restored apartments 2009: 266
Number of apartments being delivered 2010: 43

Not bad for a historic district that is only 3 avenues and 15 streets… Casco Viejo
is truly leading Panama as an economic engine and social revitalization that has its
own power.  Its image is one of the favorite subjects of international reporters
who find in Casco Viejo`s historic architecture and mixed community a wonderful story
to tell… the story of true Panama and why people should come to explore it.

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