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Tuesday, November 20 2018 @ 01:22 PM UTC

Ice Tower on Ave. Balboa CANCELLED (Confirmed by F&F)

Real Estate By DON WINNER for Panama-Guide.com - I just got off the phone with the people at F&F Properties LTDA, Inc., the primary promoter and builder of the Ice Tower project on Ave. Balboa. They confirmed on the telephone that the project has been cancelled. Saul Faskha is currently out of the country but I do have a request pending for an interview when he returns. I have requested that F&F Properties send me a copy of the letter they sent to their buyers and investors in this project. They said they would send me a copy, and I am currently waiting for that letter. I have called and spoken to several other architects who tell me that the rumor is that F&F is going to "build something smaller" on that lot, but so far the details have yet to be defined. Anyway, it's confirmed, the Ice Tower is not going to be built in Panama City.

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.

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