Yacht Club Faces Eviction
story by La Prensa
The government has demanded that the Club de Yates y Pesca pay $300,000 a month for its ocean-front concession.
The government has given its final word to the Club de Yates y Pesca. The club either has to leave its property on the Cinta Costera or pay for the land it occupies at market value.
That means the club will have to pay $300,000 monthly, or 60 times the $5,000 monthly rent that the club's administration offered to pay the government. The government's calculation is based on an average of $10 per square meter in rent. The club operates a marina that covers three hectares.
The marina is currently situated in one of the most desirable parts of Panama City, as it sits right off the new Cinta Costera. The land occupied by the club has an estimated value of at least $75 million, which doesn't include the $10 million that was spent to fill in the land to help develop the marina.
The value of the land is also a conservative estimate, as some developers have paid up to $4,000 per square meter for land there.
"What is at work here is that they have to pay market value," confirmed Minister of Economy and Finance Alberto Vallarino.
According to Iván Carlucci, the former president of the Association of Real Estate Brokers, it is difficult to assess the value of the parcel because it has not even been assigned zoning, which is what sets the price of land.
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