This strikes me as the leading edge of a potentially huge development, in which private actors more formally get their own pieces of turf and the lines between sovereign entities further blur. This is by no means to necessarily to celebrate the development (science fiction suggests this dystopian destination). But it does deepen the challenge to received doctrine, and it will require legal innovation to situate the new, private city-state in the world of international law.
This will not work. We are talking about Central America here. Regardless how the city is set up, when the Honduran government wants the wealth that presumably gravitates there, it will swoop in and take it. An independent political entity that cannot defend itself will by overrun by one that can,.