Joseph Haley is an executive of Red Frog Beach, one of the most successful island developments in Panama.

Around the year 2000, Panama’s economy started to grow quickly and it generated a lot of interest from people and companies from around the world looking to invest in its economy. Panama has remained a hotspot for international investors. Red Frog Beach was started in 2004 and until 2008 it was the top selling real estate project outside of Panama City in the country. The land being developed was previously deforested and eroding into the sea because of the cattle grazing on the island. (The cows were removed as the development began and since that time over 60 acres on the island has been reforested as the development has been built.) Selling houses and condos, the development offered a marina, nice beaches with surrounding rainforest. Most developments in Panama at that time had been on the Pacific side of the country, while Red Frog Beach offered a more exotic Caribbean destination and built its brand on having the nicest beaches in the country.

The economic downturn brought on by the credit banking crises in the U.S. stopped many projects in Panama and throughout the Caribbean. Many developments in Bocas del Toro including Emerald Monkey, Playa Pristina, Solarte, Macca Hill, Sunset Point, Six Diamonds, Playa Diamante, Harbor of the America’s all stopped construction and ended up dying as companies. Red Frog Beach also stopped.

In 2009, Oceans Group International restarted Red Frog Beach. The new group was led by Steven Bolton and the project scope was changed to include more of an environmental focus. Joe Haley led an effort of a $30M equity turnaround that restored the company’s ability to restart construction.

Because the development has employed over 110 direct employees, the Panama government listed Red Frog Beach as 1 of the 5 most important real estate projects in the country. Bocas del Toro’s economy has significantly benefitted from the development. All of the other real estate projects unfortunately failed.

The Red Frog Beach Resort currently has a deep water IGY marina full of boats, over 40 vacation homes, a spa, a zipline, a restaurant and a number of vacation amenities and real estate offerings. The resort has allowed the natural tropical vegetation to come back and there are more trees on the island than when the development began.