Le Parc Tower and The Meridian Projects Cancelled

Posted By: Panama Expertos on 04.06.2008
Views: 2819, Published in sections: Panama Real Estate Info :: Panama News ::

La Prensa reported the Meridian a 49–story Obarrio neighborhood condo project was cancelled. The developer had received $610,000 in deposits for units to be completed by August 2009. The 51 story Le Parc Tower condo project was located in San Francisco area was also cancelled. It was also supposed to be completed in 2009. Criminal complaints were filed with the Panama Government. This does not mean the parties named in the complaint are guilty, these are just allegations. Allegations contain claims that the developer was placing the land sites for the projects up for sale instead of building out the projects. To date the deposits have not been refunded.