BD Bacatá Building Could Return Nearly US$300,000 to Investor

Colombia’s Financial Superintendency ordered the return of 950 million pesos (about US$300,000) to an investor in the commercial section of Bogota’s BD Bacata project. Although the ruling sets a precedent for related investor claims, it does not mandate automatic refunds from Acción Fiduciaria for other affected parties.

The Superintendency’s Judicial Division announced a finding of liability against Acción Fiduciaria in a lawsuit filed by attorney Jhon Morales on behalf of an investor. Morales stated that the regulator found the trustee breached its fiduciary duties by mismanaging project risks, economic viability, and oversight. The damages awarded include inflation indexation.

The Superintendency has not yet issued the written judgment. That document will set out the full reasoning, the final calculation, and the specific orders. Because the ruling remains subject to appeal, the decision does not yet constitute a final, enforceable judgment. Morales said Acción Fiduciaria would have 15 days to make the payment once the ruling becomes enforceable.

What the Superintendency found

The case concerns the commercial component of BD Bacatá and the way Accion Fiduciaria handled investors’ contributions. According to Morales, the Superintendency found that the fiduciary firm lacked sufficient experience in constructing and operating a project of this scale.

The proceedings also examined the commercial area’s partial entry into operation while other parts of the complex remained unfinished. Morales said the contract barred the project from entering that phase until construction was fully complete. Commercial establishments eventually opened while significant parts of the development remained incomplete.

The authority also questioned the fiduciary’s professional duties in assessing the project’s economic feasibility and anticipating its risks. Morales alleged that Acción Fiduciaria collected investor capital without confirming that construction advanced on schedule.

The announced restitution relates to the individual claim before the Superintendency. It does not represent collective compensation for the other investors who bought Fidis (Fideicomisos de Inversión en Derechos Inmobiliarios) in BD Bacatá.

Why other investors must file their own claims

BD Bacatá raised money through fiduciary rights known as Fidis, allowing individuals to invest in specific components of the development. More than 4,000 people participated in the original investment scheme, while later reports have placed the broader number of people involved in the project above 6,000.

Other Fidis holders cannot automatically collect the same amount because the Superintendency decided on an individual dispute. They would need to pursue their own claims and establish the circumstances surrounding their contracts, contributions and losses.

The investment structure also covered separate components, including apartments, offices, commercial areas, a hotel and long-stay accommodation. The rights and obligations attached to those investments could therefore differ.

Morales framed the ruling as a precedent for future claims. In 2023, a similar decision targeted the hotel section. It held the trustee personally liable for breaching its duties. The regulator classified Fidis holders as financial consumers. Consequently, investors gained the right to sue the fiduciary directly.

The current decision gives other investors a legal reference, but each case still requires its own claim and assessment.

How BD Bacata became a stalled landmark

BD Bacata stands at the intersection of Carrera 5 and Calle 19 in central Bogota. The complex has two towers: The south tower rises 216 meters across 67 floors, while the north tower reaches 167 meters across 56 floors. The project combines housing, offices, a hotel, commercial space, and parking.

The project began in 2011, with completion originally planned for 2017. Construction progressed rapidly after work above street level began in 2014. The south tower reached its final 67 floors in July 2015, and the north tower reached 56 floors that December. Structural work finished in February 2016, but financing problems later disrupted the project.

Parts of the complex eventually opened. By 2021, about 60% of the building was operating, while the hotel areas remained unfinished. The main investor, Spanish businessman Venerando Lamelas, stopped providing funds to contractor Prabyc Ingenieros, according to the building’s documented history. BD Promotores Colombia later entered judicial liquidation in 2021.

The stalled development left investors waiting for either the completion of their components or the return of their contributions. Complaints about the commercial component also emerged as businesses began operating without investors receiving the returns they had expected.

A new project for the unfinished tower

Developers rebranded the unfinished south tower as Bogota Tower 2862. The move marks a new phase for the project. TotalCo, led by Giovanni Vargas, took over the effort to complete the structure and changed the planned use from a hotel to a predominantly residential development.

The new project proposes 577 apartments, along with commercial and communal areas. Completion will cost an estimated 100 billion pesos (US$23.8 million). TotalCo will provide 30 billion pesos (US$7.1 million), with bank financing covering the rest.

Some former Fidis holders have the option of using their previous investment as part of an agreement to acquire apartments in the new development. By March 2026, agreements covered 50 apartments with former Fidis holders, while another 230 had purchase promises, according to El Espectador.

The new arrangement differs from the original Fidis model. New buyers purchasing in Bogotá Tower 2862 secure rights to individual properties. Original BD Bacatá investors bought into fiduciary trusts governing distinct project components.

The redevelopment and the old investment claims therefore continue on separate tracks. Completing the building may resolve part of the project’s physical and commercial problems, but it does not erase disputes arising from the original investment structure.

Other Fidis holders will now have to assess the written judgment and determine whether its findings support their own claims against Acción Fiduciaria. The decision establishes a precedent for similar cases. It will not, however, automatically settle remaining claims.