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In 1671 Morgan the pirate burned the old Panama City to the ground. Subsequently Panama built again on a more easily defended peninsula. The Spanish colonial Panama City built after Morgan has retained its colonial architecture as Panama has moved through independence from Spain and then from Colombia. Now the area know as San Felipe or Casco Viejo is at the start of a renaissance. Developers are cleaning up, modernizing and retaining the Spanish Colonial flavor of this historic city.

Panama’s Second Capital

It was in the days of conquistadors and gold on the Spanish Main that Morgan crossed the Isthmus of Panama to attack and destroy the first Panama City. That capital lasted about 150 years. When the capital of Panama was moved to the more easily defended peninsula it survived. Today government buildings and the national theater are still in San Felipe. However, Panama grew beyond San Felipe, or Casco Viejo, the “old helmet,” (referring the shape of the peninsula), and San Felipe stagnated. Now there are a lot of run down buildings ripe for renovation. In fact Panama passed a law a couple of years back providing incentive for investors to help revitalize this historic gem.

A walk through San Felipe shows modernized building retaining the Spanish Colonial look next to their un-remodeled kin next to building in stages of demolition or reconstruction. You will see three foot thick stone walls of three hundred year old buildings awaiting a little restoration.

The cathedral in San Felipe dates from the 17th century shortly after the city was built. The Presidential Palace, also known as the "Palacio de las Garzas", or Heron's Palace, because of the herons in its compound is also in San Felipe on Panama Bay.

An upcoming addition to San Felipe’s attraction is the Cinta Costera project which is a combination road improvement and bay side park running along Panama City’s water front from San Felipe to Costa del Este.

A short walk or taxi ride from San Felipe is Avenida Central where you can shop for almost anything at great prices.

San Felipe’s parks provide a nice spot to rest in the afternoon shade while elegant restaurants provide memorable fare. In all likelihood San Felipe will completely modernize over the years. Now might be a good time to come see the old and the new side by side. Now would be an excellent time to visit San Felipe and look into investment opportunities in Panama real estate.

Many are making the investment in Panama real estate in San Felipe to remodel and sell. Others are making a Panama real estate investment to live on the bay in a colonial era remodeled home. We believe that a wise investment in Panama real estate in this area is to remodel for commercial real estate. A revitalized San Felipe will need services and services need offices, storage space, communications facilities such as the ubiquitous Panama internet shop with thirty computers.

For those interested in investment in Panama real estate come to see us at ABPanama. We do business in San Felipe and throughout the country. We have over 23 years experience managing real estate portfolios and would love to put our experience and expertise to work for you.