Approved for 11 Levels Before the Six-Floor Cap: Development Site in El Chorrillo

A development site in El Chorrillo with an approved preliminary project for a ground floor plus 11 levels, a height that new projects in the sector can no longer get under the current six-floor limit.

The titled lot sits on a double corner with frontage on Avenida B, Calle 19 Oeste and Calle Pedro de Obarrio, between Casco Antiguo, Amador and Cerro Ancón.

The Approved Project

The preliminary plan envisions approximately 150 to 180 condo units, ground-floor commercial space and a full parking level. The proposed project has received tourism endorsement from the Panama Tourism Authority (ATP), and the lot retains its RM3-C2 zoning under a certification with transitional provisions.

The approved height and density are the key feature of this development site in El Chorrillo. These parameters were approved before the area’s newer regulations took effect, and new projects in the sector are now limited to six floors, which gives the lot development potential that would be difficult to replicate under current rules.

Based on preliminary development scenarios, the land value represents approximately 6% to 8% of projected residential sales, excluding the commercial component. This estimate is indicative and depends on the final development plans, number of units and sales prices.

Location

The lot is located between Casco Antiguo, Amador and Cerro Ancón. A future development here would sit close to Casco Antiguo’s historic streets, restaurants and shops, as well as the waterfront attractions and outdoor spaces in Amador.

El Chorrillo has seen public and private investment, which makes it an area of interest for developers looking near Panama City’s established tourism districts.

Sale or Joint Venture

The lot is offered for sale, and the owner is also open to discussing arrangements with developers and investors, including a land contribution, co-development or other joint venture structures.

Plans, certifications and supporting documents are available to qualified buyers and investors. Financial details and development assumptions are available under a non-disclosure agreement.

Renderings and conceptual images are for illustrative purposes and show the proposed project’s potential scale. The final design may change.

Interested? Fill in the form on the right for more details.