Ice Tower on Ave. Balboa CANCELLED (Confirmed by F&F)
Friday, June 22 2007 @ 12:03 PM UTC
Contributed by: Don Winner
Copyright 2007 by Don Winner for Panama-Guide.com. As usual, go ahead and use whatever you want as long as you credit the source. Salud.
Editor's Comment: The Palacio de la Bahia led the charge to 100-story buildings in Panama, and it's not going to be built. The Ice Tower was a challenge and basically a response to the Palacio de la Bahia and now it's not going to be built either. The buildings that are getting built are the more modest 50 to 60 floor buildings that are basically square or rectangular in shape. 90-degree angles are the easiest (cheapest) things to build. Add curves or architectural wet dreams like big curving faces for the entire building or the "corkscrew" design of the Revolution building on Calle 50 and the building costs quickly double. Forget whatever the "official" reason is cancelling a building - in the end it all comes down to profitability and financing. If the guy next to you is building a smaller and easier to build tower for less money and making more of a profit, why should you build a huge 100-story monster (that might be a landmark structure - pretty) for less profit. It seems like the market is taking a step back from the "sky's the limit" attitudes of 2004 and 2005, and are now settling down into a more realistic approach which will probably end up being healthier in the long run anyway. The short answer is - no need to panic. With 150 buildings or more going up it only makes sense that a couple of the more ambitious projects fall off of the table. A few failures is expected and healthy. And, I expect that in the end there will be very nice buildings of some flavor standing on both lots. Darwinism in the Panamanian construction boom. Natural, and expected.