A once-abandoned tower may now be back in play. Ocean Tower, a 27-story hotel and residential high-rise in Cartagena’s sought-after Bocagrande neighborhood, was originally launched in 2012 with plans to deliver units by 2015. Construction halted mid-way, and the project was left in a raw, unfinished state—effectively abandoned for nearly a decade. But that’s changing.

As of August 2023, the District of Cartagena has taken legal possession of the site through its Urban Control office, following a mandate from Colombia’s State Council. A special administrator has been appointed, financial records have been reconstructed, and immediate structural threats like unstable cranes have been professionally removed. The city is now actively working toward a resolution and has begun engaging third parties who may be able to take over and relaunch the project.

What makes this an opportunity?

• Legal control is now with the city, not a failed developer.
• There’s a clear path forward for new investment, under municipal oversight.
• The site is located in prime real estate territory, just steps from Cartagena’s beaches, hotels, and commercial centers.
• Much of the groundwork (literally) has already been done—depending on due diligence, it may be possible to redevelop or reconfigure the structure with less upfront risk than a raw land play.

There’s still legal cleanup happening—past buyers, mostly from Bogotá, are pursuing restitution (some have already won settlements), and disciplinary action has been brought against former city officials for negligence. But the overall signal from the city is clear: they’re ready to collaborate with a capable group to bring Ocean Tower back to life.

If your team has the vision, capacity, and local relationships to work with city stakeholders and make a play on this high-profile asset, get in touch.

This is a rare chance to acquire a high-profile, partially built 5-star hotel and luxury residential project on Cartagena’s beachfront, with two clear paths forward offered previously (these may have changed since presented originally):

• Option 1: $45,000,000 USD for the fully completed, turn-key 240-room hotel
• Option 2: $45,000,000 USD for the entire Ocean Tower complex in its current construction state (hotel + residential tower)

The Ocean Tower development was originally planned as a landmark mixed-use project in Cartagena’s upscale Bocagrande district, anchored by a flagship Sheraton Hotel and a luxury residential tower. The hotel spans 29 floors and 240 rooms, featuring ocean-view amenities like a rooftop spa, gym, lounge terrace, and pool deck. The residential tower includes 152 high-end apartments, two rooftop pools, a heliport, and multiple shared amenities—all rising from a shared podium with lobbies, restaurants, convention space, and parking.

This oceanfront megaproject sits in one of Colombia’s most desirable tourism markets. Better yet, it qualifies for a 30-year income tax exemption under Colombia’s tourism investment incentive, granted to projects with 60%+ 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 upside.

If your team is actively looking for hospitality, repositioning, or branded residential plays in high-growth markets—reach out. We’re directly connected to stakeholders and can help facilitate access, due diligence, or strategic partnerships.

What’s Really Going On with the Ocean Tower Project in Cartagena?

Ocean Tower was supposed to be one of Bocagrande’s premier hotel and condo developments—a sleek 27-story high-rise launched back in 2012, with delivery dates originally set for 2015. Fast forward a decade, and the building is still sitting unfinished, abandoned, and stuck in a legal and bureaucratic mess.

Buyers who put down serious money on units—many from Bogotá—filed a group lawsuit, mostly targeting Alianza Fiduciaria (the financial operator behind the project). At one point, there was talk of a new investor group stepping in to revive the project, but that never materialized. Instead, Colombia’s State Council ordered Cartagena’s city government to step in and take control.

In August 2023, the District officially took possession of the building through its Urban Control office. Since then, they’ve 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 conversations with potential third parties to figure out whether anything can be salvaged—especially for the original buyers who were left in limbo. The city says more decisions are coming soon, and they’re pushing for a resolution that could finally move things forward.

On top of all that, five former Cartagena planning officials were hit with disciplinary charges for allegedly failing to do their jobs while the building was going up. The legal fallout doesn’t stop there—a Bogotá court recently ruled in favor of one buyer, ordering Alianza Fiduciaria to pay back more than 823 million pesos after she paid for a unit that never materialized.

Bottom line? Ocean Tower is a cautionary tale of what can go wrong in Colombian real estate—but it’s also a golden opportunity to step in at just the right time, with government cooperation, existing infrastructure, and high-value beachfront land already in place.

Want to explore next steps or get a deeper briefing on the project?
Contact us directly. Serious inquiries only.