Arcadia, a 46-story residential complex in Panama City’s high-end district of Costa del Este, is preparing a detailed timeline for breaking ground.
The project will offer a variety of residential options, including condotels, one and two-bedroom homes, retail stores, restaurants, and a long list of amenities and business meeting spaces.
“We have completed all the arduous details for getting such a large project off the ground,” said Jose Manuel Bern, CEO of Empresas Bern, the project’s developer. “We are excited to begin an aggressive plan for moving forward. Interest has been unprecedented so we are anxious to deliver everything this multi-functional project has to offer.”
Arcadia is located in Costa del Este, overlooking Central Park and is only steps from Town Center, the hub of the social district in the area. “Town Center has been crucial to the area’s development and since it’s opening in 2017, the need for additional residential options has continued to develop,” continued Bern. “These options are not limited to the full-time resident, or even individuals looking for a short stay” he explained, “but also for the transferring international executive who will be in Panama for a couple of years. We also know that Panamanian professionals who want to live long-term in Costa del Este, are seeking homes such as those which will be on offer in Arcadia.”
Arcadia was the first project in Costa del Este, to receive a license for short and long-term rentals. Consequently, rentals can be offered for a single night or up to several years. “The Bern corporation is currently building a Johns Hopkins international affiliated hospital in Costa del Este.” said Bern. “There are currently over 130 multi-national companies with executives and employees working in the area. People seeking medical care, others looking for a short-term residence or individuals visiting the area for business are all looking for something like Arcadia,” he said.
Arcadia will be structured as a condotel, which allows individuals to own a full-service vacation home, a residence or a real estate investment. Rentals will be handled by an on-site property management company. This provides a seamless process for the renter and the investor. These residential units will be rented like any other hotel room, but will come with full kitchens, open concept living and enclosed bedrooms with ensuite bathrooms. Long-term residences will be able to enjoy a hotel-like lifestyle with a variety of social areas, pools and restaurants.
“I am fully aware people often ask why it takes so long to get started on a project such as Arcadia,” said Bern, “but to make sure everything is right you have to do your due diligence with everything. Which property management company is right for Arcadia? What amenities the potential residents will need? What will make the project a strong income producer while also building equity for owners?” said Bern. “It has always been our philosophy that we needed to know we were doing things the best way possible and that takes time.” he said.
“Historically, Avenue Balboa was the center of Panama’s red hot real estate development, but we are seeing that shift to Costa del Este and it is exciting to be in the middle of that change and to see what it will mean to the country as a whole. Arcadia is a signature project and we are very excited for it to physically begin to take shape,” concluded Bern.