Versace to Design Interior of Panama City High Rise

Fashion house Versace has been tapped to design the interior of the Vita Tower in Panama.Versace Design will team with architect Alfonso Pinzon Mendez to design the interiors of the private residential high-rise in Panama City. Versace brands will be featured in the building’s common areas, which include a spa. To date, Versace Design has worked on a limited number of luxury developments, most notably the Plaza Hotel in New York. The Vita Tower is being developed by firms Grupo Attie, Consorio General and Grupo H. The development team is responsible for numerous high rises in Panama City, including Yoo by Philippe Starck, Arts Tower, and The Pearl. The Vita Tower is scheduled to open in 2010. The Versace Group sees this opportunity as a way to further associate its burgeoning interior design unit with high class luxury developments. “We now have the privilege to supply an interior design project for this luxurious real estate that will result in a beautiful one-of-a-kind building over Panama City,” Versace CEO Giancarlo di Rislo stated in a release, where he also noted the prior accomplishments of the development team and architect. While Panama’s commercial real estate market is booming due to the expansion of the Panama Canal, its residential market has abated due to a glut of supply and tightened visa regulations. However, higher end luxury residential developments in Panama City have suffered less than typical residential properties in Panama, due largely to the number of multinational corporations that operate out of the city.