Crestyl Real Estate is planning to start the construction of the 39,000 sqm Savarin mixed-use redevelopment project in Prague’s historic centre this autumn, local daily E15 reports. The project, based on the plans of the Heatherwick Studio, will see the construction of new office, retail, leisure and entertainment space within the original Baroque palace, riding hall and its courtyards
Simon Johnson, CEO of Crestyl Group told E15 that the company has already obtained the building permit for the reconstruction and restoration of the historic Savarin Palace. Financing is secured, the vacation of tenants is currently underway with construction planned to start this autumn and expected to take two years. According to Jan Kotrbáček, Head of Retail Agency CEE, Cushman & Wakefield, some retail tenants have already registered interest in the project.
Crestyl acquired the project from Irish company Ballymore in 2015 and significantly altered the plans.
