UP IN THE SKY
Over the last few years, Colombia's construction boom has been gradually changing the face of its city vistas. Skyscrapers have arrived, catering for growing business demand and adding a new dimension to the traditional city architecture.
Bogotá is the capital of the country, both economically and politically, and unsurprisingly it has seen the grandest architectural additions. Several new skyscrapers are either under construction or in the planning stages. Such projects are becoming an increasing trend as the city struggles to cope with a lack of business space and high land costs. Most of these new skyscrapers are located in the important urban hubs of Cartagena, Barranquilla, Medellín, and Bucaramanga, where there are a total 16 skyscrapers, ranging from 42 to 96 floors, set to rise.
Colombia's first skyscraper, the Avianca Building, was built in 1965 and the second one, the Coltejer Building,was constructed in Medellín. From 1975 until 2015, Torre Colpatria, a 50-storey building measuring 196m high in Bogotá's center, held the record for being the tallest tower in Colombia. It took 40 years for the Torre Colpatria to lose its crown.
In June 2015, the new BD Bacatá tower, a 67-storey skyscraper measuring 240m, became the tallest building in Colombia and Latin America. The space is home to luxurious flats, offices, and a hotel, all of which are expected to be completed by the end of 2016.
Bogotá has welcomed the new skyline, and many see the development as a welcome fresh look and expect a corresponding increase in tourism. Many have compared the transformation to the revamping of cities like New York, Barcelona, and London, which were followed by boosts in visitors. Bogotá's renovation looks likely to open the city to new opportunities for construction companies and international investors, whose move from Caracas or Buenos Aires has been hampered by the previous lack of guarantees.
The strong and diverse development of Colombia's other cities is also peaking the interest of developers. The general manager of Proksol, Ricardo Uribe, assured TBY that developers are becoming increasingly interested in moving to mid-sized regional cities such as Medellín, Cali, and Barranquilla; “The cheaper prices and the climatic conditions of the coastal area attract the attention of investors to move their businesses."
Another project that is already under construction is the Atrio Towers, two massive skyscrapers located in the capital center, 44 and 59 floors respectively. The development will take BD Bacatá's crown, with one tower measuring 270m. This project will be finished by 2018 and is expected to attract new national and international business to Bogotá's heart. However, a crown jewel of a skyscraper waits just below the horizon. The Entre Calles will be a massive skyscraper that will top the World Trade Center of New York and the Petronas Towers of Kuala Lumpur. The building's 96 floors will reach 420m into the sky. According to Obras de Bogotá, the project's construction will start at the end of 2017 and be the seal of approval on Bogotá's urban city center renovation.
UP IN THE SKY
TABLE OF CONTENTS
Interview
Bruce Mac Master, President, National Business Association of Colombia (ANDI)
TBY talks to Bruce Mac Master, President of the National Business Association of Colombia (ANDI), on tackling obstacles to competitiveness in the economy, participating in the global value chain, and the impact of the currency devaluation.
read articleFocus: Bank Expansion Abroad
Fortune Favors the Brave
Colombian banks have greatly expanded their operations in Central America in the last decade. The dramatic growth of the middle class and the internationalization of the Colombian economy has propelled growth. The market has shaken the shackles of the large players who used to dominate the market, with smaller institutions expanding and widening their coverage across the region.
read articleInterview
Mauricio De La Mora Rodríguez, Former President, National Hydrocarbons Agency (ANH)
TBY talks to Mauricio De La Mora Rodríguez, Former President of National Hydrocarbons Agency (ANH), on promoting investment, gaining knowledge of offshore activities, and the short-term outlook.
read articleInterview
Eduardo Jaramillo Cuervo, President & CEO, General Electric (GE)
TBY talks to Eduardo Jaramillo Cuervo, President & CEO of General Electric (GE), on the role GE intends to play in developing Colombia's energy value chain and creating a diversified matrix to support the country's energy needs for years to come.
read articleInterview
Adriana Lucia Falla, General Manager, SoftManagement S.A
TBY talks to Adriana Lucia Falla, General Manager of SoftManagement S.A., on the important elements of the company's business, its key strengths compared to its competitors, and the significance of the IT sector in Colombia.
read articleInterview
Juan Martin Caicedo Ferrer, Executive President , Colombian Chamber of Infrastructure (CCI)
TBY talks to Juan Martin Caicedo Ferrer, Executive President of the Colombian Chamber of Infrastructure (CCI), on the future of infrastructure in the country, challenges, and the role of SMEs.
read articleFocus: 4G Generation
Motoring Toward Development
Colombia is looking toward the future and improving its transportation network by renewing road infrastructure, putting an end to the nation's underdevelopment in roads and highways. The government estimates that in the next four years the 4G program will dramatically enhance the Colombian economy, shortening traveling time between cities and, consequently, reducing transportation costs.
read articleFocus: Coffee
Morning Joe
Colombian coffee has an incredible reputation for its aroma, taste, and purity, which is why it is considered one of the best quality coffees in the world. This belief has not changed despite the entrance of huge producing countries such as Ethiopia, Brazil, and Vietnam into the market.
read articleReview: Education
Gold Star For You
In recent decades, Colombia made changes to nearly every level and aspect of its education system and has been exceeding the expected results, putting the country on the right track to achieve the president's goal of becoming the best educated country in the region.
read articleReview: Tourism
It's Not Magic
A reputation for violence had for many years stunted the growth of Colombia's tourism sector. But now that the country has enormously improved its image abroad, there is little to prevent it from becoming one of the most ideal destinations in Latin America.
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