The Centro Financiero Confinanzas, popularly known as the Tower of David, was first envisioned as a bank centre in the heart of the Venezuelan capital of Caracas. Construction began in 1990 but was halted in 1994 when a banking crisis hit the country.
Meanwhile, as government officials mull over the fate of the unfinished tower, they’ve ordered the eviction of hundreds of illegal settlers for safety reasons. The settlers moved into the tower in 2007 after housing shortages gripped the country. A community with working electrical and water lines populated the building in no time.
President Nicolas Maduro told reporters that allowing the tower to be settled was a mistake. He wanted this “negative symbol” eradicated.
“The Tower of David is famous. It’s a symbol of a strange situation, a vertical ‘barrio,’” President Nicolas Maduro said. “It was viewed negatively by society. We resolved it, as these things should be resolved, with dialogue and understanding.”
Some believe unfinished or abandoned buildings should be reactivated to save costs. However, buildings that have remained incomplete for years are left to the mercy of the elements. In addition, some old buildings may no longer meet the needs of a fast-evolving market were they to be reactivated today.
This is one of the many obstacles pointed out by Andrea Sesta, who runs a real estate site on abandoned properties in Italy. Inviting investors to pour capital into repurposing the land is a challenge in itself. When this approach isn’t viable, and unless the site has some heritage value, the most viable solution may be to make way for new construction.
In the event that Venezuelan officials opt to demolish the Tower of David, the rubble can be recycled and remade into new materials. Should they choose to build an entirely new skyscraper over the site, they can do so with these new materials. In the same manner, a company that recycles scrap metal for pick up—such as Global Resources International Pty Ltd, for instance—can help clients save on the cost of building a new structure.
The beauty of most metals is that they can be reprocessed to meet pressing market demand. This sustainable solution is now highly sought after in various countries as the need for greener buildings grows year after year. A firm like Global Resources International that offers cash for scraps obtained from established sources remains at the forefront of such initiatives.
(Source: “Venezuela’s World-Famous ‘Vertical Slum’ May Be Demolished,” Business Insider Australia, July 23, 2014)