The following is a Panama real estate news story from La Prensa newspaper entitled "Los Faros de Panama" Project Paralyzed in Punta Pacifica." World wide real estate developments were effected by the economic downturn and Panama, too, did not escape the slow down or halting of projects either. Los Faros de Panama, a real estate property complex of three towers with the highest being 84 floors, featuring luxury apartments was to be completed in 2010.
"The scene is revealing. The ambitious real estate project "Los Faros de Panama" (The Lighthouses of Panama), valued at more than $600 million dollars what was to be built in Punta Pacifica, is paralyzed. On the site the only thing there is a large concrete foundation with weeds growing. The project, promoted by Grupo Mall, was supposed to include apartments, a "condo-hotel ', casino, hotel, gym, offices and a shopping mall.News source La Prensa
Apparently the project was hit by the international financial crisis and poor sales. La Prensa attempted to obtain a comment from the representatives of the project but they did not return our calls. (Editor's Comment: This was going to be a huge, ambitious project that would have dominated the skyline of Panama City in the area of Punta Pacifica. It was probably too large and too ambitious. No word on what the future holds for this project, the lot where it was going to be built, or the fate of the money invested in this project. I don't know if they were taking preconstruction contracts on the apartments, but they probably were, and is so then there are people out there holding paper with an uncertain future. The biggest and most ambitious projects got hit the hardest by the economic downturn.)"
