Update re Caldera Highway

After 30 years of delay, the long-awaited start of construction on the Caldera Highway will commence this month according to the CNC (Consejo Nacional de Concesiones). The section of the highway extending from Ciudad Cólon to Orotina is expected to be completed in thirty months, or by July 2010. The finance-related impasse was overcome the 21st of December when Autopistas del Sol reached an agreement with the BCIE (Banco Centroamerica de Integración Económica and the Caja de Madrid (a Spanish financial institution) to finance construction of the road, valued at $230 million.

The total route will cover 77 kilometers (48 miles) and will link the capital of San Jose with the country’s most important port of Caldera, running through the towns of Santa Ana, Ciudad Colón, Atenas and Orotina. The road will require a pretty hefty toll of about $2.70. However, it will reduce the drive time to Jaco by about 30 minutes, from the current 2 to 2.5 hours. The road will have two lanes on the uphill segments and one lane on the downhills. This will help faster cars avoid the slow moving tractor-trailers.

This road has been long-awaited by the investing community and will surely give rise to increases in property values in areas benefited by the new highway.