SOURCE: Prodigy Network

Prodigy Network

December 08, 2010 11:44 ET

Prodigy Network Announces New Real Estate Development in Bogota, Colombia

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.

BD Bacata offers the sale of Fiduciary Rights, an investment vehicle in the retail or hotel component starting at $30,000 USD. Payments of the Fiduciary Right can be made in monthly installments over a 36 month period. In the interim, investments are left in the safety of an interest bearing escrow account and supervised by the equivalent of the local SEC, or the Superintendencia Financiera de Colombia. An added benefit includes the fact that Colombia has a tax exception law for 30 years for the income produced on hotel investments. 

Located at Calle 19 No. 5-20, BD Bacata has been designed by the award winning Spanish architectural firm of Alonso & Balaguer, internationally known for having influenced cities such as Marbella and Barcelona with prominent buildings and master plans. Consisting of two towers, the skyscraper will be the tallest building in Bogota, comprising 396 residential units, 117 offices, parking spaces both private and public, a shopping mall with 30 retail spaces, and 364 guest accommodations. In addition, the hotel will feature two restaurants, a club lounge with terrace, a cafeteria view point offering sweeping views and a state-of-the-art health club featuring sauna, gym and beauty salon.

About Prodigy Network

Prodigy Network is a fully integrated real estate company dedicated to representing third-party developers as the exclusive organization for sales and marketing of premium condominium projects. The company has an impressive track record of driving sophisticated international buyers to the most exclusive properties in New York, Miami, Dominican Republic, Panama, Mexico and Colombia. Prodigy represents a global network of buyers and brokers from locations around the world including Colombia, Venezuela, Mexico India, Hong Kong, Dubai, Korea, Spain, Italy, France, the United Kingdom, Switzerland, and Russia. www.prodigynetwork.com