MercoPress. South Atlantic News Agency

Highest skyscraper in Panama City

A Spanish company has begun building in Panama what will be the highest skyscraper in Latinamerica: 350 metres high, 97 floors, a hotel, 333 residential apartments, offices, shops, revolving restaurant and a helipad among other facilities.

"Palacio de la Bahía" "will be the highest building in Latinamerica when it's finished in 2009 and will also become the world's highest residential skyscraper", said Adolfo Olloqui head of the Olloqui group from Spain that is investing 200 million US dollars in the enterprise.

Mr. Olloqui together with Panamanian vice-president Ruben Arosemena and the mayor of Panama City, Juan Carlos Navarro were present at the founding stone ceremony held Saturday in Panama's capital.

The building on Balboa avenue looks out to the bay of Panama in the Pacific.

"In real estate business Panama will have a before and an after the Palacio de la Bahía landmark", pointed out the Spanish investor Olloqui.

The project is expected to generate 800 direct and 12.750 indirect jobs.

The highest building in Latinamerica currently is the Torre Mayor in Mexico City with 225 metres and 55 stories