US giant White & Case has bagged a lead role advising the Republic of Panama on the redevelopment of the Howard Air Force Base next to the Panama Canal.

The $700m (£357m) project covers 2,750 acres of land and is expected to create around 20,000 jobs. The scheme, known as the Howard Project, will redevelop a 1.7 mile airstrip built by the US but largely abandoned since its forces left the country eight years ago.

Leading UK developer London & Regional Properties has secured initial rights to build a new ‘mini city’ on the banks of the Panama Canal. The project is expected to be ratified by the Government of Panama in a matter of weeks.

The team at White & Case was led by Miami real estate partner William Walker. He commented: “About 60% of the trade in and out of the US passes through the Panama Canal. When you combine thousands of new homes, hotels, a science park and a golf course, with the proximity to the world’s busiest trade canal, you can see why the global investment community is taking note of this project.”

The flagship project will also spark a race among UK advisers to secure the coveted lead counsel role to London & Regional. Herbert Smith, a regular adviser to the developer, has been cited as a leading candidate, although the firm declined to comment.