Czech ministry rejects plans for CZK 10 billion palace renovation

15
Jun
2022
News - Czech ministry rejects plans for CZK 10 billion palace renovation #Crestyl #Czech Republic #investment #Prague #reconstruction #Savarin

by Vera Tumova | Retail

There are strange dances around the reconstruction of the baroque Savarin Palace in the centre of Prague. The CZK 10 billion project has been approved by the city's conservationists and city councillors and the first phase of the project is already underway, according to the builders. However, the Ministry of Culture has now rejected the project, saying it would threaten the city's conservation area, the Czech News Agency (ČTK) reports. Therefore, Culture Minister Martin Baxa has a request on his desk from the construction company Crestyl to review the decision of his officials, as company spokesman Ondřej Micka confirmed to Property Forum today.


The reconstruction of the historic Savarin Palace near Wenceslas Square in the centre of Prague has been put on hold by the Culture Ministry. With their rejection, monuments officials from the Czech Culture Ministry have now opposed a key decision by the city's municipal monuments officers, who had approved the redevelopment five years ago. "The project for the redevelopment of the courtyard, created by the studio of architect Jakub Cigler, is "completely unacceptable in the long term from the point of view of the state monument protection," the ČTK cites the ministry's spokeswoman Ivana Awwadová.

However, according to Crestyl spokesman Ondřej Micka, the permitting process is very complex. "The project has been repeatedly modified and carefully consulted with the conservation authorities. The Ministry of Culture had several reservations about the project, but these have already been included in the project. Therefore, we have already asked the Minister of Culture to review the decision of his ministry. We are now waiting for his opinion," notes Ondřej Micka. In addition, three years ago the company invited the London architect Thomas Heatherwick's studio to the project, and the current project has a different form than the one to which the rejection decision of the Ministry of Culture was issued. 

The Ministry's decision thus only reflects the length of all the permitting processes but does not apply to the implementation of the overall architectural design prepared by Thomas Heatherwick's studio, says Ondřej Mika. "His proposal has already been publicly presented and has received positive opinions from both the Municipality's Department of Historic Preservation and the National Heritage Institute, and it has the support of the Institute of Planning and Development of the City of Prague and the management of both Prague 1 district and the Municipality of all Prague," notes Micka, adding that "we are counting on similar things in the schedule and plans and it certainly has no impact on the implementation of the project. Since the end of last year, the first phase, which is the reconstruction and restoration of the historic Savarin Palace, has already been underway." In addition, a triple agreement about Savarin was signed this February between the City of Prague, Crestyl and the Mucha Foundation too, because twenty canvases of the Slavic Epic by the Art Nouveau painter Alfons Mucha were to be exhibited in the palace after the reconstruction. The agreement was also approved by the Prague City Council.

The reconstruction of the late Baroque Savarin Palace, called Sylva-Taroucca or Piccolomini, is intended to connect the space of four separate parts and the surrounding area of the streets Panská, Jindřišská, Na Příkopě and Wenceslas Square. The 1.7-hectare complex will also include a market, cultural events and restaurants. In 2021, Crestyl issued CZK 2.2 billion worth of bonds to finance the project.




Latest news


New leases

  • Natland Group has committed to its long-term presence at Prague-based Rohan Business Center through a lease extension covering 2,004 sqm of office space, together with storage facilities and dedicated parking spaces, in a deal brokered by iO Partners.
  • Yareal Polska has expanded the commercial offering at its flagship SOHO mixed-use development in Warsaw’s Praga-Południe district, securing three new lease agreements totaling nearly 500 sqm of ground-floor retail space. The developer has strengthened its tenant roster by signing pet supplies retailer Maxi Zoo, ceramics workshop Alike Pottery Studio, and coffee distributor Unroasted.
  • International flexible office operator SwitchUp has launched its expansion into the Polish market, securing a lease agreement for 2,100 sqm of space at the AFI Office House in Warsaw. The transaction represents the company’s debut contract in Poland, positioning the operator within the first office building of the city’s upcoming Towarowa22 regeneration development. Savills acted as the deal broker.

New appointments

  • Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.
  • BNP Paribas Real Estate Poland has expanded its Industrial and Logistics Agency team with the appointments of Joanna Choromańska, formerly of JLL, and Bartosz Wilczyński, previously with CBRE. The new hires bring a combined 34 years of experience in sector sales, lease negotiations, and build-to-suit project delivery to support the division's ongoing growth.
  • Speedwell has expanded its industrial and logistics team with the appointment of Valentin Achim as Leasing and Property Manager for Industrial Developments. Achim brings extensive experience in coordinating commercial and operational activities within the logistics and industrial sectors. In his new role, he will oversee the development and expansion of the company's Spaceplus platform.


Latest news

News - Prague metro proximity drives premium office rents
24
Jun
2026

Prague metro proximity drives premium office rents

by Property Forum
The proximity to metro stations is one of the main factors influencing the price, availability and attractiveness of office space in Prague, accoding to a recent analysis by Colliers. The highest rents near Prague metro stations are found in the city centre, where prices for premium office space reach up to €30 per sqm per month. In the wider city centre, the highest rents go up to €22, and on the city outskirts, up to €16.50 per sqm per month. Differences between individual locations are becoming more pronounced, based not only on distance from the city centre, but also on building quality, the age of the office stock and the current supply of available space.
Read more >
News - FM Logistic grows footprint to 116,000 sqm at CTPark Romania
24
Jun
2026

FM Logistic grows footprint to 116,000 sqm at CTPark Romania

by Property Forum
Industrial developer CTP is expanding FM Logistic's facility at CTPark Bucharest by an additional 10,300 sqm, strengthening the partnership between the two companies. Following the expansion, FM Logistic will operate approximately 116,000 sqm across CTP's industrial parks in Romania.
Read more >
News - Romania emerges as potential location for Nvidia AI data centre
24
Jun
2026

Romania emerges as potential location for Nvidia AI data centre

by Property Forum
Romania has emerged as a potential location for a new Nvidia AI data centre after Bloomberg reported that the US technology company is considering investing around $4 billion in additional AI infrastructure in Europe. An exclusive report by Romanian news outlet HotNews, citing sources in the country's energy sector, identifies Romania as the proposed destination for the investment.
Read more >


Property Forum ABOUT US

Property Forum is a leading event hub in the CEE real estate industry with over 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Warsaw, Budapest, Bucharest, Bratislava, Prague, Zagreb and Sofia, amongst other locations.
Please send press releases to
newsdesk AT property-forum DOT eu
MORE >

CONTACT

NEWSLETTER

 

Property Forum © 2017 – 2026 | Terms & conditions | Privacy policy