With an investment of $360 million, the company Soho Developers Inc. will build a five stars plus multi-use complex in the heart of the city. Such a category is granted to green buildings, meaning environmentally friendly constructions.
Its creators confirm that so far there is no place in the city as exclusive as this, which is named after Soho, the famous district of Manhattan in New York.
While bearing the namesake, this project is not a franchise but rather was conceived in order to conceptually reflect the best of the New Yorker neighborhood. The project is still in the construction phase, but has already attracted the attention of major companies such as the Ritz-Carlton, HSBC and Egasa. The complex will be built in a 27,000 square meter space and will consist of three towers. One tower will hold the regional offices of the British bank, among others companies. The second tower will house the first hotel in Central America of the luxury brand the Ritz-Carlton, which will feature 222 rooms and 80 residences. A mall and a casino are also being considered, the latter would be administered by Egasa, the second leading operator of casinos in Europe.
Factors such as the banking center, trade and passenger traffic were taken into consideration upon selecting Panama as the site to establish the project. Construction on the tower with offices is expected to be completed in October 2013. By the end of that same year, the mall will be ready, while work on the hotel will be finished in the second half of 2014.
Roberto Fasquelle, vice president and project leader, assured that Panama has become fashionable and that many influential brands have shown an interest in setting up in Soho.
Among them is Folli Follie, the Greek firm that produces and distributes exclusive watches, jewelry and accessories in more than 440 shops in 24 countries. The brand Michael Kors, by the American designer of the same name, will also make a presence. Other name-brands like Polo Ralph Lauren, Calvin Klein and Burberry will also establish stores.
The complex is being built under the concept of LEED (Leadership in Energy and Environmental Design), a building certification system for sustainable structures.