Standing 267 m (876 ft) tall, it is the third tallest building in Panama City and fourth in Latin America.

[7][8] In 2007, after the installation of steel reinforcement in the foundation, the Ice Tower project was halted.

In order to prevent corrosion of the steel girders and be able to reuse the foundation, it was concreted.

The incident has damaged parts of the adjacent sidewalk and roadway and caused interferences in the water supply.

[15] After the incident, Banco Internacional de Costa Rica (BICSA) had rented some of the offices in the Star Bay Tower, which was the main reason why the projected received its current name.