The city was founded on 15 August 1519 by Pedro Arias de Avila, also known as Pedro Arias Davila.
Within a few years after its founding, the city became a launching point for the exploration and conquest of Peru and a transit point for gold and silver back to Spain through the isthmus.
In 1671 Henry Morgan with a band of 1400 men attacked and looted the city, which was later destroyed by fire.
The ruins of the ancient city still remain and are a popular tourist attraction known as Old Panama Panama Viejo.
It was rebuilt in 1673 at a new location about 5 miles west-southwest of the original city.
This location is now known as Casco Viejo or old city.
The year before the discovery of gold, the Panama Railroad Company was formed, but the railroad did not begin operations until 1855.Between 1848 and 1869, the year in 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 direction opposite.
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 find accommodation near the commercial and financial center of the city, which is the neighborhood of Bella Vista, Marbella or El Cangrejo.
For tighter budgets Casco Viejo is a better option. In the suburb of Bella Vista, Calle Uruguay is home to the newest restaurants in cosmopolitan Panama, including the Red, Bistro 10, Peperoncini and La Posta.
The city is also growing as a refuge for people over the United States because of the low-tax incentives and a tropical climate.
Demand for space in the city of Panama has caused a boom in construction and skyscrapers are being built as condominiums to provide the number of people entering the city.
A new building now under construction in the city, the ice tower will be almost the height of the former World Trade Center.
The billionaire tycoon Donald Trump sees a bright future cities. In 2006, he moved into the building frenzy in Panama City with a tower which is over 800 feet high.
The city is becoming a regional player in financing and is likely that more buildings are in way to provide all business arrivals in the city is receiving.
Unfortunately, the waters off the coast of the city are polluted, and bathing in them not allowed.
However, there are available near the beach. The closest is the resort of Playa Bonita, right next to the city, crossing the Bridge the Americas.
There are also many more beaches in the Pacific and the Caribbean side of Panama's advantages is the ability to swim in two oceans easily, as there are few hours away. In recent years there has been a 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
Article Source: ArticlesBase.com – The Future of Panama City is Bright
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