This is a unique property of its kind and a perfect opportunity for a boutique hotel or short-term luxury rental. It is partially restored and requires an additional investment of around $600,000 to complete it with approved budgets and an architect who has been overseeing the renovation from the beginning. Casco Viejo, also known as Casco Antiguo or San Felipe, is the historic district of Panama City. Completed and colonized in 1673, it was built after the almost total destruction of the original city of Panama, Panama Viejo, in 1671 when it was attacked by pirates. It was declared a World Heritage Site in 1997 by UNESCO.