About this property
A tower that was once abandoned may be back in play. Ocean Tower, a 27-story hotel and residential skyscraper in the coveted Bocagrande neighborhood of Cartagena, was originally launched in 2012 with plans to deliver units by 2015. Construction halted halfway, and the project was left in a raw and unfinished state, effectively abandoned for nearly a decade. But that is changing. As of August 2023, the District of Cartagena has legally taken possession of the site through its Urban Control office, following a mandate from the Council of State of Colombia. A special administrator has been appointed, financial records have been reconstructed, and immediate structural threats such as unstable cranes have been professionally removed. The city is now actively working towards a resolution and has begun to engage third parties who may take over and relaunch the project. What makes this an opportunity? Legal control is now with the city, not with a failed developer. There is a clear path forward for new investments, under municipal oversight. The site is located in a prime real estate area, just steps from the beaches, hotels, and shopping centers of Cartagena. Much of the preliminary work (literally) has already been done; depending on due diligence, it may be possible to redevelop or reconfigure the structure with less initial risk than a raw land project. Legal clean-ups are still ongoing: previous buyers, mostly from Bogotá, are pursuing restitutions (some have already won settlements), and disciplinary actions have been taken against former city officials for negligence. But the city's overall signal is clear: they are ready to collaborate with a capable group to bring Ocean Tower back to life. If your team has the vision, capability, and local relationships to work with city stakeholders and make a play on this high-profile asset, get in touch. This is a rare opportunity to acquire a high-profile, partially constructed 5-star hotel and a luxury residential project on the beach in Cartagena, with two clear paths forward previously offered (these may have changed since their original presentation): Option 1: $45,000,000 USD for the fully finished and turnkey 240-room hotel. Option 2: $45,000,000 USD for the entire Ocean Tower complex in its current state of construction (hotel + residential tower). The development of Ocean Tower was originally planned as a flagship mixed-use project in the exclusive Bocagrande district of Cartagena, anchored by a flagship Sheraton hotel and a luxury residential tower. The hotel encompasses 29 floors and 240 rooms, with ocean-view amenities such as a rooftop spa, gym, lounge terrace, and pool deck. The residential tower includes 152 high-end apartments, two rooftop pools, a helipad, and multiple shared amenities, all rising from a shared podium with lobbies, restaurants, convention space, and parking. This beachfront mega-project is located in one of Colombia's most desirable tourist markets. Even better, it qualifies for a 30-year income tax exemption under Colombia's tourism investment incentive, granted to projects with over 60% of construction completed before 2017. For the right investor or operator with the ability to step in and work alongside the city, this is a trophy asset with enormous potential. If your team is actively seeking opportunities in hospitality, repositioning, or branded residences in high-growth markets, contact us. We are directly connected with stakeholders and can help facilitate access, due diligence, or strategic partnerships. What is really happening with the Ocean Tower project in Cartagena? Ocean Tower was supposed to be one of the premier hotel and condominium developments in Bocagrande, a sleek 27-story skyscraper launched in 2012, with delivery dates originally set for 2015. Fast forward a decade, and the building remains unfinished, abandoned, and caught in a legal and bureaucratic mess. Buyers who put serious money into units, many from Bogotá, filed a class-action lawsuit, primarily targeting Alianza Fiduciaria (the financial operator behind the project). At one point, there was talk of a new group of investors stepping in to revive the project, but that never materialized. Instead, the Council of State of Colombia ordered the city government of Cartagena to intervene and take control. In August 2023, the District officially took possession of the building through its Urban Control office. Since then, they have been working with a special administrator to sort out the project's finances (which were a mess), remove dangerous construction equipment like unstable cranes, and try to stabilize the site. There are now ongoing discussions with potential third parties to find out if anything can be salvaged, especially for the original buyers who were left in limbo. The city says that more decisions will be made soon and they are pushing for a resolution that could finally move things forward. On top of all that, five former planning officials from Cartagena are facing disciplinary charges for allegedly not doing their jobs while the building was being constructed. The legal repercussions don't stop there: a Bogotá court recently ruled in favor of a buyer, ordering Alianza Fiduciaria to return over 823 million pesos after she paid for a unit that never materialized. What's the takeaway? Ocean Tower is a cautionary tale about what can go wrong in the Colombian real estate market, but it is also a golden opportunity to intervene at the right moment, with government cooperation, existing infrastructure, and high-value beachfront land already in place. Want to explore next steps or receive a more detailed report on the project? Contact us directly. Serious inquiries only.
