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Susie and I were in Panama City last week getting her Panama ID card and we decided to stay over night in Casco. Our choice was to stay at The American Trade Hotel.
A TripAdvisor writer described this place best. “Stunning is the wrong word for the grace and beauty of this hotel. Sitting in a rocker in the light filled lobby viewing a plaza across the street, I watch guests walk by me wondering why they are not dressed in the splendor of the early 20th century, the 2013 hotel restoration being so effective. The hotel is located in the tiny island of Old Panama City, centuries apart from the the generic balance of the city.”
KC Harding, a corporate lawyer from New York, hung up his suit and moved to Panama years ago where he discovered the beauty of Casco. Here he redeveloped a number of buildings including the restoration of
The American Trade Hotel originally built in 1917. He was very careful selecting a great operator and
Ace Hotel was a brilliant choice. Opened in 2013, the hotel is a landmark in Casco.
After a long day in the City, we decided to walk across the plaza and eat dinner in the
CasaCasco building, a 4 story building restored to its own glory. The building houses 3 restaurants with the first floor offering international cuisine, the second sushi and Asian cuisine, the third level Mediterranean and the top floor a bar with an open roof top section.
WOW was the only way to describe the place and the evening. What a way to close out our trip to the City.
On a business note, I met with an old friend who has been active operating a REIT in Casco and the City where they have over 63 properties, both renovated and in various stages of development. One particular building that I like a lot is located between a hotel and the future home of
La Rana Dorada a local Cerveceria where they make and serve some of Panama’s best brew.
The building that I like is perfectly located between two great operations and will benefit from the traffic.
Casa Del Baile gets it’s name, Dance House from the dancing court that was originally on the first floor. It is a two story brick building with magnificent balconies overlooking the street. It has three large arch shape openings to the street allowing to absorb the vibrant atmosphere of Casco Viejo into the house spaces. The vision for Casa del Baile is to restore its stunning façade and bring back its historic charm to life. The house’s location, size and space distribution makes it ideal for high end luxury apartments. There are 2 commercial spaces in the street level, and 6 apartments. The house can potentially be sold to the hotel across the street or to the distillery when additional space will be required. This is a very common practice in Casco Viejo due to the limited inventory of buildings and growing popularity of the area.
There is also room to further develop the building with a roof top bar.
What I would not give to have the money to buy this place and make it my personal residence in the City, renting out the ground floor for an income source. The chances of doing this are becoming slimmer and slimmer as the opportunities get snapped up by investors. Casco is a special place.
Casco Viejo, an eclectic mix of Art deco, Caribbean and Spanish Colonial style was designated a world heritage site by UNESCO a few years ago. There are now regulations in place to ensure the old city maintains it’s integrity and look by limiting the type of construction and modification of its buildings. Any construction requires approval by the council to ensure the renovation plans meet the requirements. Facades must be maintained and the heights of the buildings must also remain intact and not be increased. Developers that focus in this area have done wonderful restorations of beautiful historic buildings choosing to replicate hand painted tiles instead of replacing them with modern tiles. Facades that were falling apart are now completely restored and resurrected into their original form that reflect the care and attention of the artisans of that period.
This could be yours and a trophy property for sure. For this and other opportunities in Casco, contact me.
For more on Casco, here is a post that I did. Why Panama City’s Casco Viejo Is Latin America’s Most Stylish Destination
