There are signs the 300-meter (984-foot) Costanera Center in Santiago tower may resume construction, signalling an economic recovery is also under way in Chile.
Cencosud, the building’s developer, said last month that it installed a project management team on the site and resumed work at another shelved venture in Santiago. Chairman Horst Paulmann met with Chilean President Michelle Bachelet and Public Works Minister Sergio Bitar Oct. 30 to discuss sharing the cost of access roads to the project.
'First it was an icon of the boom and then, when it stopped, it became an icon of the crisis,' said Valentin Carril, who oversees $4 billion including Cencosud stock as chief executive officer of Principal Asset Management SA. 'I’d expect them to restart building very, very soon. It’d be a big boost to business confidence.'