Plans for Panama City's Ice Tower Melt
In what has proven to be a stunning development, the developers for Panama City's Ice Tower have unexpectedly cancelled the project.
The flagship of Panama City's condo explosion, Ice Tower was slated to be the tallest structure in the city, reaching over
100 stories high and containing many luxury units. This move comes as a surprise to many, although there is a general
feeling that it was based on economic concerns.
Located on Avenue Balboa near the heart of downtown, the Ice Tower was seen as a response to the proposed 97
story Palacio de la Bahia which, ironically, has also been cancelled. Sources claim that the Ice Towers developers,
F&F Properties LTDA, Inc, had a condition built into their pre-sales contracts that allowed them to cancel the project at any time
and for any reason. Sources also state that the promoter, Saśl Faskha, cited social and economic factors as the reasons that
F&F Properties would not to construct the building.
News for investors
The developers have reportedly pledged to refund the money paid by buyers in the Ice Tower. They have stated that they are
attempting to locate each of the buyers to make arrangements for repayment. What has not been determined is the impact to anyone
who is a subsequent buyer since their agreement would not be with the developer.
The latest information uncovered indicates that F&F Properties is considering a revised project on the existing site.
The new structure would be called the Iron Tower and include 75 stories instead of the original 104 of the Ice Tower.
Further details are unavailable at this time.
Change of direction
It is believed that the cancellation of these high-profile projects signals a change of direction in real estate investments
in Panama City condos. As developers reassess the profitability of their projects, many consider these decisions at the Ice Tower
and the Palacio de la Bahia to be among many moves aimed at improved profitability for these structures. While the yacht-sail design
of the Yacht Club and the "corkscrew" design of the Revolution building on Calle 50 have an architectural appeal,
the square or rectangular designs of most projects are more palatable from a fiscal standpoint. It has been speculated that more
condo towers in Panama City will either be cancelled or modified as developers look to improve the financial rewards for their investors.
For the future
Although the projects for Panama City's most prolific condo projects have been scrapped, the boom in real estate investment
here continues at an impressive pace. While the unique design of the Ice Tower may change into something more economically feasible,
the abundance and beauty of Panama City's condo towers will continue to paint the skyline of this growing city.
Panama City real estate has become a hot commodity as people around the world realize the value and growth potential that exists in this booming metropolis.
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