Prague to build '21st century garden city' with council flats

20
Apr
2022
News - Prague to build '21st century garden city' with council flats #construction #Czech Republic #development #Prague

by Property Forum | Residential

The Prague City Council plans to start building hundreds of council flats for rent in the coming years. The municipality wants to address the deepening housing affordability crisis in this way, E15.cz reports.


According to E15.cz, the city plans to build about 850 flats in two projects in the next few years. The larger one will include approximately 800 housing units and will be built in Dolní Počernice. The smaller one of 50 flats will be built in Peroutkova Street in Radlice in Prague 5. "The size of the land in Dolní Počernice is an ideal opportunity for it to become an example of modern urban design, it will be a 21st-century garden city," says Petr Hlaváček, Prague's Deputy Mayor for Territorial Development.

In the case of the project in Dolní Počernice, the Prague Development Company is currently working on a so-called master plan. This is the overall urban concept of the area, which occupies approximately 12.9 hectares. Once the master plan is completed, the city will announce an architectural competition for the individual stages of the project. In Počernice, approximately 800 housing units in single-family, terraced and low-rise apartment buildings with communal gardens and courtyards are to be built within 10 to 12 years. The project will also include smaller commercial spaces for retail shops, small service establishments and medical practices. An elementary school will also be built on the parcels. Construction is currently expected to begin in 2025, with completion in 2034.

The smaller project will be in Prague 5 

Prague City Hall will also move forward with the preparation of a smaller housing project in Radlice this year. By the end of August, it wants to have a designer selected for a residential building on a plot of land between Peroutkova and Jinonická streets in Prague 5, where 50 municipal flats are to be built. Preliminary discussions on the project should take place in the first quarter of next year. Construction is likely to start after 2023.

Both projects are in charge of the Prague Development Company, which was established by the city last year. The company is preparing several other public housing projects. These include projects on plots of land in Nové Dvory in Prague 4, near the Libeň Bridge, in Horní and Dolní Počernice and Černý Most. According to earlier information, the municipality has already entrusted Prague Development Company with plots of about 419,000 sqm with a market value of CZK 2.94 billion.




New leases

  • UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
  • Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
  • 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.

New appointments

  • Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
  • Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
  • 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.

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