Land Acquired For The Construction Of CAF’s New Headquarters In Bogota

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Termed as a huge move to its commitment to Colombia, the Andean Development Corporation (CAF), the development bank of Latin America and Caribbean, is looking to build a new headquarters in Chapinero, Bogota.

The project will feature open cultural spaces and areas for private as well as public sectors. It is expected to be part of the city’s development.

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The cost of acquiring the land for the new headquarters’ establishment

The land’s acquisition, spanning an area of ​​1,772.45 square meters in El Retiro, and situated in Bogota’s El Retiro, came at a cost of $29,979,386,861. The acquisition was concluded through a deal with the Institute of Urban Development (IDU).

As a result, the strategic step made will foster CAF’s presence in Bogota. It will also strengthen their relationship with the locals.

When to expect construction work on the project

The new headquarters’ construction, which will be carried out in two years, is scheduled to commence in 2025. In the meantime, the establishment of functional as well as modern facilities will be undertaken. These facilities will function as the nerve center for CAF activities in the Latin American country.

For citizen’s recreation, the project is also looking into developing open cultural spaces. This is more than being limited to only constructing the administrative headquarters.

The Andean Development Corporation new headquarters is expected to take part in the enrichment of Bogota’s cultural offering. It will also promote the community’s access to cultural activities.

The property’s sale to CAF was lauded by Claudia López, the mayor of Bogotá. She underscored the importance of the presence of the bank in Colombia’s capital.

How the project will impact the city

According to her, not only will economic ties be strengthened by the initiative but also it will contribute to Bogota’s projection as an international financial as well as a cultural center.

Executive president of CAF, Sergio Díaz-Granados, claimed that the new headquarters’ establishment is in line with the mission of CAF to champion sustainable development as well as the integration of the Latin American and the Caribbean region.

The capital of Colombia is said to be consolidated as the epicenter of the region’s development and also growth with the execution of such emblematic projects and others like the Canoas WWTP along with the metro lines.