Cherry Tang, a master of science in real estate development student at the MIT Center for Real Estate, recently participated in an experiential learning opportunity in Panama working with Conservatorio, a development firm based in Casco Viejo. What began as a modeling exercise quickly became a deeper exploration of how development, community, and environment intersect, shaped as much by people and culture as by the work itself.
“I went in expecting to build a financial model. I didn’t expect that the experience would fundamentally reshape how I think about development,” Tang reflects.
The project centered on Santa Catalina, a remote surf town on Panama’s Pacific coast. The development comprises approximately 140 residential units across condos, villas, and homes, along with vacant lots, four retail spaces, a surf school with a stadium, and a restaurant with a pool — all envisioned as the town’s first true center.
At first glance, Tang says, Santa Catalina didn’t resemble a typical “prime” development market. It had limited infrastructure, low density, and no established core.
“What it does have is something powerful: world-class surf and access to Coiba National Park, a premier diving destination,” Tang says. “Here, the ocean becomes the anchor tenant.”
The project is designed as an open, walkable master-planned community that integrates seamlessly with the existing town. Anchored by surfing and diving, it introduces a diverse product mix and a 600-meter linear park, positioning it as the future heart of Santa Catalina and a differentiated alternative to both local developments and traditional resort-style communities.
Tang saw this as a different vision of place-making. “It wasn’t about building a resort. It was about building a center of gravity for a community that has never really had one.”
Tang’s primary role was to build the project’s financial model from the ground up. The capital structure, with land contributed as equity and sales deposits used to fund construction, required a different way of thinking than the institutional frameworks she had used in previous roles in Toronto and Boston.
“It was more than a technical exercise,” she explains. “It reinforced how financial, physical, and strategic decisions are deeply interconnected, and how thoughtful structuring can unlock projects that might otherwise not be feasible.”
Working directly with KC Hardin, founder and CEO of Conservatorio, and the broader leadership team, Tang gained firsthand exposure to real-time development decision-making. She presented her financial model to leadership and prospective investors, and her assumptions helped shape conversations around phasing, design, and construction.
“Development is a feedback loop between underwriting and the built environment,” Tang says.
Throughout the month, Tang and her colleagues met with a range of people shaping the project’s future. They spent time with local developers and brokers, learning about infrastructure improvements and ongoing real estate activity in the region.
Tang described meeting one family with long-standing ties to the area as one of the more memorable moments.
“Their coastline conservation work in Panama is deeply inspiring,” she says.
They also met with scientists from the Smithsonian Tropical Research Institute, trekking through mangroves and learning about coastal ecosystems and the long-term environmental implications of development.
“It was a vivid reminder that development decisions don’t exist in isolation,” says Tang.
Outside of work, Panama had its way of leaving an impression. Sailing through the Panama Canal … watching cargo ships pass through landscapes filled with monkeys and sloths … living in Casco Viejo — each added another layer to the experience for Tang. The neighborhood itself served as a real-life case study in thoughtful, community-oriented development.
“What stayed with me most was Conservatorio’s approach to revitalization, not through displacement, but through deep engagement, trust-building, and creating pathways for local residents to be part of the area’s transformation.”
That same spirit was reflected in everyday moments, from co-workers who went out of their way to make interns feel welcome.
“Strangers greeted us like neighbors,” says Tang. “The level of warmth and hospitality defined the experience as much as the work itself.”
By the end of the month, the experience left her with more than technical skills — she had a shift in perspective.
“I began to see development less as a formula and more as a system,” she explains. “One that sits at the intersection of finance, design, environment, and community.”
Her takeaway is that value can be created in unconventional ways, and leadership in real estate is grounded in trust, curiosity, and a deep respect for place.
Tang arrived in Panama to build a model. She left with a deeper understanding of what it means to build thoughtfully — as a developer, and as a steward of place.