F&f revolution office tower and other panama city ghost highrise buildings

Discussion in 'Real Estate' started by Opinion, Aug 29, 2012.

  1. Opinion

    Opinion New Member

    Various office and residential towers recently constructed in Panama City remain unoccupied or under-occupied with more and more new construction coming out of the ground. The new Revolution Tower built by F&F remains almost totally empty with only about four occupied offices in the entire building. The three Oceania Office Towers is another empty project with about 100,000mt2 office space. Trump Ocean Club has only about 20% occupancy at the present time. All over Panama City the unsold and unoccupied residential, office and commercial inventory is piling up and much more new inventory is under construction.

    What am I missing ??? Who is going to occupy all this excess supply ??? Isn't there about ten years supply of excess inventory ???
     
  2. holl1

    holl1 Member

  3. Opinion

    Opinion New Member

    With just four passenger undersized elevators and only four occupied offices the Revolution Tower is just another Fashka disaster. It will function until it gains occupancy then comes the elevator, parking, electrical and other issues.

    Fifty floors and four eight passenger elevators will make peak hour wait times 20-30 minutes. Potential tenants and purchasers are not dumb enough to fail to recognize this. Fashka delivered the offices with not enough parking so you will be at his mercy to rent or buy parking spaces from him. I am sure Fashka owns the visitors parking spaces so he will strangle you there as well.

    How could the City Engineering Dept allow Fashka and Pinzon to build a 50 story office building with just a four elevators so small that they handle 6-8 passengers only. That building will be empty for a long time. Stay away from buildings designed and built by the partnership of Faska & Pinzon as they are poorly engineered and built.
     
  4. Mordekha

    Mordekha New Member

    Isn't the Rivage building built by him?
    They say its the best building on Balboa??
     
  5. holl1

    holl1 Member

    Son in law to my knowledge.

     
  6. Opinion

    Opinion New Member

    Saul Bassan designed the Rivage. i think the only residential project Saul Fashka was going to build on Ave. Balboa was the 100 story ICE TOWER and after quickly selling it out he canceled the project so he could build STAR BAY and make more money.

    Saul Fashka's last residential projects have been in Costa del Este including OCEAN ONE, OCEAN TWO, VITRI, AND TITANIUM where he left a lot of unhappy purchasers behind with complaints after delivering all the projects years after the promised delivery dates.

    We learned the hard way as foreign investors not to buy a property in Panama in pre-contruction as the developers will all tell you just anything you want to hear (except the truth) just to sell their property. They will tell you the building will be built in 2-3 years and it takes them (F&F) 5-6 years to build it and when they are done it still won't be finished.

    Only buy a completed apartment in a completed building managed by the owners of the building.
     
  7. Anachoreo

    Anachoreo New Member

    Because in Panama there is still a little bit of freedom left to build crappy buildings should one feel inclined to do so.
     
  8. JohnGalt

    JohnGalt Member

    Revolution Building is again plagued with problems as the building is closed and dark with no electrical power in the entire building. All of the employees of the few companies located in this mostly empty building are standing outside the building as there is no power to the buildings and no elevator service.

    Just a few weeks ago the building was closed due to a water tank flooding the upper floors into the elevators shafts causing a power problem and closure of the building for almost a week.
     
    globaltreker likes this.
  9. globaltreker

    globaltreker New Member

    The buildings that have been slapped up on the skyline of Panama over the last 10 years are now showing the signs of the cheap, incompetent and unsafe construction. The plan was to dump them off on unsuspecting gringos but then 2008 happened and the market in Panama died. Now the buildings are falling apart and nobody with a brain will touch them.
     
  10. globaltreker

    globaltreker New Member

    These buildings and other skyscrapers in Panama city have now reached their end life and are begging to fail, lean and generally fall apart. Don't be a fool and buy into anything here!!
    T
    he F&F Tower, also known as the Revolution tower, is closed. For two days already. The reason is that water is leaking into the elevator shaft and has caused all sorts of electrical problems. The elevators don’t work, and the water caused a shortage in a sensor of a water pump, and that pump then filled up a water tank which caused the 51st floor to flood.The landmark building, designed by Pinzón Lozano & Asociados and developed by F&F Properties Ltd. Inc., apparently suffers from some serious design and construction flaws.
    We were told that this is a recurring theme in buildings done by Pinzón Lozano & Asociados, such as the Global Bank building.
    There have been many problems due to shoddy construction and design with Panama City’s skyscrapers. The Trump Tower, which entered into bankruptcy, had the lobby flooded during its festive opening with Donald Trump and Ricardo Martinelli. Persistent rumors have it that another building, The Point, is leaning over to one side. There are countless complaints by property owners in the various buildings about bad construction, broken promises and outright fraud by the various developers.
    Meanwhile, Moisés Guerra, administrator of the Revolution tower, has been sending emails to owners and renters, assuring them that the building will be open again on Friday.
     

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