In 2024, Fonseca's Tower, a mysterious development in Vila Olimpia, will celebrate 10 years since it was almost delivered and 20 years since the project began. Completely empty, without rental signs or even staff, the development is under a local embargo due to the lack of an occupancy permit, the "Habite-se".

The document, or its absence, prevents the Class B asset with 8,550 m² of private area from being occupied. To understand the importance of the "Habite-se", it is the municipal permit that certifies that the construction complies with legal requirements, such as safety, infrastructure, or environmental practices. Use of the property without proper authorization can result in some heavy fines.

Located 300 meters from Vila Olimpia train station and 100 meters from Vila Olimpia Shopping Mall, Fonseca's Tower could alter the Class B asset market in the region, which has seen no new developments of this class since 2018 and has seen its vacancy rate decreasing since 2021.

Owned by Marfon Real Estate Development, the property was incorporated by REM Construction. The REsource team was unable to contact the owner to understand what may have happened to the development. The construction company, when questioned, only commented that it followed the recommendations and acted according to the project.

"REM informs that it was contracted exclusively to carry out the development's construction work. It does not, therefore, appear as the property developer of the property. Regarding the construction, it highlights that the building was delivered in accordance with the specifications of the project approved by the competent authorities. With regard to the occupancy permit, its request is solely the responsibility of the company owning the development," the construction company said in a statement.