$200 million magnificent government tower moving ahead

Panama’s government has moved one step closer to constructing a $200 million tower for the Ministry of Economy and Finance.

The 300 meter building, dubbed “magnificent” by the Ministry, will stand on the site of the former U.S. Embassy, adjacent to San Tomas hospital. 

Opponents of the project claim that the expenditure is a waste in a city lacking in many basic service and say that the old embassy, part of Panama’s history, could be used for cultural or medical activities.
The conceptual design submitted by the architectural firm Mallol & Mallol has scored highest in the initial tendering process and looks set to obtain a $7.2 million contract. The contract includes architectural design and development of plans for the construction of the tower.
The Selection committee, headed by Juan Carlos Fabrega, gave 94 points to Mallol & Mallol, 10 points ahead of nearest rival Pinzón & Lozano, says a report in PanamaCompra.
Six companies participated in the competition and three met all requirements.
The government has defended the project, saying the investment will recover part of the cost by selling and renting space to businesses plus savings on rent currently paid for government offices.