Panama City, Panama, Old part of town, Casco Viejo, seen from Ancon Hill. Casco Antiguo Historic Town Panama City Central America old town houses. Casco Viejo (Spanish for Old Quarter), also known as Casco Antiguo or San Felipe, is the historic district of Panama City. Completed and settled in 1673, it was built following the near-total destruction of the original Panamá city, Panamá Viejo in 1671, when the latter was attacked by pirates. It was designated a World Heritage Site in 1997. Panama city was founded on August 15 of 1519 and it lasted one hundred and fifty-two years. On January 1671, the Governor Juan Perez de Guzman had it set on fire, before the attack and looting by the pirate Henry Morgan. In 1672, Antonio Fernández de Córdoba initiated the construction of a new city, which was then founded on January 21, 1673. This city was built on a peninsula completely isolated by the sea and a defensive system of walls. Today this place preserves the first institutions and buildings of the modern city of Panama. It is known as Casco Viejo (Spanish for Old Town).