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The San Expedito Casco Viejo building has a rectangular floor plan of approximately 150 m2 and has 5 levels. Commercial ground floor and 4 residential levels, culminating with a rooftop ideal for commerce.
San Expedito Casco Viejobuilding has an RMH2-C2 zoning that allows residential, commercial, office, educational, and cultural uses, that is, a very wide variety.
RMH2 – C2 Zoning
Level 000 106.27 m2
Level 100@500 157.70 m2
Total Area 894.77 m2
Ready to remodel.
900m2 of useful area
Spectacular rooftop with views of Cerro Ancón and the Bay
We plan to invest the amount of $600,000 in remodeling the entire building and being able to rent it to generate long-term income.
Casco Viejo is the most tourist area of Panama City with rising demand and an exceptional future projection. For this reason, we consider that dedicating the building to commercial use would be the most appropriate.
Firstly, we plan to rent the ground floor for commerce at street level. Secondly, levels PB+1, PB+2, and PB+3 will be remodeled with high-quality finishes to create one- and two-bedroom apartments and rent them for short stays through platforms such as Airbnb or Booking.
Finally, the PB+4 and the rooftop will be used as a commercial space, ideal for a restaurant that has a drinks area on the top floor with spectacular views of Cerro Ancón, the Bay of Panama, and Casco Viejo.
The investments located in the Historical Monumental Complexes, which the National Historic Heritage Directorate authorizes over the Old Quartier, with a minimum amount investment of USD$50,000 excluding the land, will receive the following incentives:
The Casco Antiguo (Old Quarter), or Casco Viejo in San Felipe, Panama City, is the right decision to make investments and receive incentives and tax exceptions. The new Panama City was constructed in 1673 after the pirate Henry Morgan destroyed the first, located 13 kilometers from the first Panama City.
After the Casco Antiguo was designated a World Heritage Site in 1997, the Panamanian government created a law to encourage the development of the Old Quartier. The Casco Antiguo law incentivizes the construction, reconstruction, purchase, and restoration of the Old Quartier estate and commercial activities.
The property owner that constructs, restored, or rebuilt properties in El Casco, partial or total, will be exonerated from Income tax regarding the income received from commercial activities, sale, or transfer of part or all of the property for (10) years.
A person (owner or tenant) who operates public areas like parking lots will be exonerated from tax income regarding the income received from said commercial activity for (10) years.
If you want more information on the law and incentives, contact us!