News Article brownfield Czech Republic development Karlin Group KKCG Prague residential
by Property Forum | Residential

500 flats will be built on the site of a medical device factory. This is what the KKCG group is announcing after its move to a two-and-a-half-hectare brownfield site in Modřany, Prague. The new acquisition was reported by the daily E15.

Prague 12 deputies this month have already changed their resolution from 2019 when they disagreed with the proposed construction. They have now voted in favour of the zoning plan change, mainly thanks to an agreement with the investor under a fresh development contribution methodology approved by the Prague City Council earlier this year. In addition to the construction of a kindergarten and a supermarket, the contribution to the city will also include greenery and water features, or blue-green infrastructure, in Mezi Vodami Street. "All of this is worth at least CZK 93.85 million in total, excluding VAT," the Prague 12 council resolution reads.

"The estimated investment costs amount to approximately four billion crowns. The project will include a new square with commercial premises and a kindergarten," said Otto Koval, executive director of KKCG Development. "With the project in the former Chirana we are entering the segment of middle standard housing. For this purpose, we have teamed up with Alma Development and together under the Coopera Development brand we are also preparing the implementation of other projects," Koval specified. The co-owner of Alma Development is developer Jiří Thein, who has already signed the Byty U Dubu project in Modřany.

The previous owner of the real estate after the former state enterprise Chirana Modřany was a company from the M2 Real Estate Group, which was previously spun off from the Karlín Group.