Prodigy Network Announces New Real Estate Development in Bogota, Colombia
SOURCE: Prodigy Network Investment Opportunities in Hotel, Commercial and Residential Project in Latin American NEW YORK, NY–(Marketwire – December 8, 2010) – Rodrigo Nino, Founder and President of Prodigy Network , announces the exclusive agreement for the sales and marketing of BD Bacata in Bogota, arguably the most important real estate project in Colombian history. The mixed-use development, situated in the heart of downtown Bogota, is a symbol of the flourishing Colombian economy. Scheduled for completion in 2013, the $180 million USD project will provide residential units, offices, a hotel comprised of 364 hotel rooms, convention facilities for 1,500, and a shopping mall with 30 retail spaces all supported by 1000 parking units within the structure. As part of Bogota’s progressive urban renewal program, this ambitious project is set within an area that includes the financial and business districts of the city and the highly trafficked historic tourist center. In addition, it is located within close proximity to many government buildings and several universities. “We are excited to have such a prestigious project in Bogota, and as a native of Colombia, I am highly optimistic about the future of the country. We have sold nearly every residential unit, and are now focused on selling fiduciary rights for the hotel, and shopping center,” says Nino. Venerando Lamelas, President of BD Promotors, a Barcelona based company, is the visionary developer behind BD Bacata. “The future is bright for Colombia; we have the opportunity to participate in creating a modern downtown in Bogota, as part of an overall urban renewal and rehabilitation strategy,” says Lamelas. “This revitalization transforms the face of the destination and alters how others view Bogota, marking a new era of development overall in the country.” Colombia is counted among the freshly dubbed CIVETS group of countries ( Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa ) that are expected to excel in the next decade, rivaling the BRIC countries’ (Brazil, Russia, India and China) development during the past 10 years. Inflation has been on the decline steadily since 1990, when it was at 32.4% and has now dropped to 2% in 2009. Foreign direct investments were $2.1 billion USD in 2002 and increased to $7.2 billion USD in 2009. The country has increased the number of tourists from 660,000 to 1.7 million in 2009. It is projected that by 2010, Colombia would have received 2.8 million tourists. All of these factors make Colombia and BD Bacata an attractive real estate investment
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