Prague district reaches deal with two developers

14
Sep
2023
News - Prague district reaches deal with two developers #city #Czech Republic #development #FINEP #Penta #Prague #residential

by Property Forum | Residential

The Prague 3 City Council has approved two contracts with developers Penta and Finep to build on one of Prague's largest brownfield sites at the former Žižkov railway station. This may lead to a change in the zoning plan, which the developers have been waiting for. On the other hand, the city and the district itself will receive CZK 267 million (almost €11 million) in so-called contribs, which will go towards building public parks, reconstructing schools and building a new kindergarten, writes e15.cz.


The area of the former Žižkov railway station is one of the largest brownfield sites in Prague. Six different developers have parcelled out land here. However, the intended transformation of the area requires a significant change to the zoning plan. However, a condition for this change is that the Prague 3 municipality and the capital city enter into agreements with each of the land owners, specifying not only the form of construction but also the contributions, i.e. the developers' contributions to public amenities such as schools, kindergartens or parks.

The daily e15.cz reports that Penta wants to build 530 flats in Žižkov between 2025 and 2027 and, according to the approved agreement, will also contribute to public amenities worth nearly CZK 100 million (€4.09 million). Another part of the contributions consists of building nearly two hectares of public parks, which will be transferred to the municipal district or the capital city, securing 700 sqm of non-residential space for health services, restaurants or shops, as well as transferring some of the land needed to build roads," said Pavel Dobeš, deputy mayor of Prague 3, who is in charge of the development of the Žižkov freight station brownfield.

For the project's second stage, the developer needs a change in the zoning plan. The change must be approved by the Prague City Council. It is expected that the capital will later join the contract as a third party. "The contingency agreement allows us to start preparing residential development on the northeastern edge of the area in accordance with the current zoning plan. The city district will acquire approximately half of the land once the development is completed," says David Musil, Director of Residential Development at Penta Real Estate.

Finep wants to build about 1,200 flats in Žižkov. The total amount of the developer's share of the public amenities will exceed CZK 167 million (€6.826 million) and almost half will go towards the reconstruction of primary schools. In addition, the project also includes the construction of a new five-class kindergarten, the handover of part of the land needed for the construction of a municipal apartment building or the handover of land needed for the construction of infrastructure. "Most of the new apartments will be built to offer rental housing. In addition, the commercial ground floor of the buildings along the main streets will offer space not only for shops, restaurants or cafes but also for other non-residential uses. For example, for the location of health and social amenities, we want to put the emphasis on primary health care," adds the deputy mayor of the third district. Finep needs a zoning change for its entire project, which is why the capital is part of the agreement alongside the municipality. The latter is expected to approve the contract this week.

Negotiations and preparation of the two contracts with Penta and Finep began in April 2021, and the whole process has taken more than two years. A crucial part of these negotiations was the contributions to public amenities. These were already negotiated according to Prague's new methodology of contributions from January 2022.




Latest news


New leases

  • Vastint Romania secured its first tenant for Bucharest-based Timpuri Noi Square Phase 2, signing SCOR for 3,250 sqm. The transaction, brokered by CBRE, facilitates SCOR’s expansion within Vastint’s local portfolio. The company has previously leased 2,320 sqm in Business Garden Bucharest.
  • EVO Properties has named Alexandru Marin as the new Property Manager for the London and Oslo office buildings in Bucharest. He brings over 15 years of property management experience.
  • IF&B Mille Sapori, the importer and distributor of Italian food products in Poland, has leased 4,118 sqm in the MLP Pruszków II complex. The lease deal was brokered by Coldwell Banker Commercial.

New appointments

  • Katarzyna Myjak has joined Axi Immo as Senior Business Advisory Manager, tasked with strengthening the company’s Industrial & Logistics business line.
  • Czech investment group SCF has expanded its team by appointing Jan Simandl as Senior Leasing Team Leader. In this role, Simandl will oversee leasing activities across the company’s commercial property portfolio. He previously worked for CPI Property Group and CBRE.
  • Michał Kochanowski-Laren has joined Avison Young Poland’s Technical Advisory and Project Management team as Project Manager. In his new role, he is responsible for delivering a variety of consultancy projects across all segments of the commercial real estate market in Poland. Kochanowski-Laren is an electrical engineer and a graduate of the Warsaw University of Technology.


Latest news

News - Hungary on the map again: Join our free webinar
16
Apr
2026

Hungary on the map again: Join our free webinar

by Property Forum
Hungary's parliamentary election on 12 April 2026 has placed the country firmly back in the conversation for international real estate investors. The end of the Orbán era — and the prospect of renewed EU relations, unlocked cohesion funds, and a more stable regulatory environment — makes this a moment worth examining closely. Join Property Forum for a free, expert-led webinar to assess what the new political landscape means for real estate investors, occupiers, and developers active in or considering Hungary.
Read more >
News - Czech industrial market hits demand-lease balance for first time in years
16
Apr
2026

Czech industrial market hits demand-lease balance for first time in years

by Property Forum
In 2025, indicative demand for industrial and logistics space in the Czech Republic almost matched the volume of lease agreements actually signed for the first time in several years, according to Cushman & Wakefield.
Read more >
News - New office deliveries in Warsaw top 40,000 sqm in Q1 2026
16
Apr
2026

New office deliveries in Warsaw top 40,000 sqm in Q1 2026

by Property Forum
Warsaw's office market demonstrated a significant increase in development activity during Q1 2026, with new deliveries vastly outperforming the previous year’s figures. 
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