Casco Viejo – Panama – Casco Antiguo
The buzz is up: not only the newly built Cinta Costera is bringing more attention to Plaza Herrera, Casco Viejo. The recently started construction of American Trade Hotel has taken over the plaza. People have walked into our office looking for investment opportunities around the area, trying to buy land before the hotel opens doors. Here is what you can buy nearby the area:
You don´t want to develop, just own land:
1. Isabella is for you. Owning unrestored property and sit on it causes trouble and -by the way – is illegal in Casco Viejo. Speculators are not welcomed but if you buy La Isabella you would have exactly the combination you want without the problems (plus at a very good price per mt2): a no brainer investment, nearby the newly built Cinta and steps away from the hotel. It is also income producing and highly flexible as it has parking. When the time is right, you can just go in and remodel to your taste if you like. Or not do anything and keep it renting!
You want to restore and you are looking for good commercial potential:
Why: Because has the highest density approved for Casco and highest commercial use: RMH2- C2. It also has a gorgeous fasade with tons of visibility as it has a commanding corner location. You can turn it into a small 20 room hotel, a fully commercial building, or a mixed use project. Your choice!
Price: $980,000 Area lot: 336 mt2 x 3 floors and flat roof terrace (over 1100 mt2 construction)
Why: It is one of the most historic properties in the block. Steps away from the hotel and from Cinta Costera, and next to Isabella. Casa Colonial is zoned for a boutique hotel but you can do commercial and residential as well. Corner location.
Price: $495,000 Area lot: 288 mt2 x 2 levels plus (576 mt2 construction area)
Why: Next to Casa Colonial, would give the project a lot of flexibility. On its own, it makes for a very private residential project or even a small commercial compound.
Price: $665,000 Area Lot: 328 mt2 x 2 levels (1050 construction area)
4. Casa Feraud:
Why: Beautiful corner location. It makes for a very good commercial development, probably all retail, although residential could be also built at the top levels.
Price: $900,000 Area Lot: 229 x 3 levels (no estimate of construction area available)