Construction Projects – Vacant Lots to be Filled with Offices and Shopping Centres

You may have noticed giant pits in areas of the city centre. One separated by a fence with peep-holes on the upper part of Wenceslas Square, the other which can be seen from the viewing platform at Masaryk Station. In these areas, the Penta Group are preparing the Central Business District project, designed by famous architect Zaha Hadid.

This building project on the corner of Wenceslas Square and Opletalova Street has evoked passion from architects and investors alike, often with contradictory opinions. Finally, the investor, company Flow East, prevailed and in about two years will have headquarters at the so-called “Flower House”, and on the ground level the first shops will open.

Banks and Shared Offices

The combination of office buildings and shops is the most common model in the city centre, whether it’s a new building or a reconstruction of older buildings. This is also true of the DRN project, which the domestic real estate company Sebre completed this year in the lot on the corner of Mikulandská and Národní. It is a blend of the modern new building and the restored Schökirch Palace.

Not far from this area, on the corner of the streets 28 října and Perlová, the functionalist ARA Palaca, known as the Pearl Department Store under socialism, is being reconstructed. The building, owned by the Austrian real estate fund, will become a CSOB bank, and rentable coworking space HubHub.

Having shared offices for both companies and freelancers is a common trend of recent times, and coworking chains often focus on real estate at the best addresses in the city centre.

“The historical centre of Prague has a unique position in the region, and as the only major city can easily compete with other western retail destinations. That’s why we are now seeing many new projects and revitalising existing properties that have no problem with having world-class tenants. In particular, I’d like to mention the new IKEA, which recently opened in a newly renovated building on Wenceslas Square,” explains Jan Voslář of Cushman & Wakefield.

The above-mentioned building had recently turned into the Pytloun Boutique Hotel Prague and the two lower floors have been rented by IKEA. The transition of older office spaces into hotel rooms is another recent trend. Hotel operators had been finding it difficult to find property in attractive location.

There will be even less apartments in the city centre.

Guests should soon be returning to the Art Nouveau building of the Grand Hotel Europa in the lower part of Wenceslas Square, which was newly modernised under the direction of Viennese group Julius Meinl. Julius Meinl are also preparing another hotel on Senovážné náměstí, which also the reconstruction of a historic building.

Nowadays, there are less and less apartments in the centre of Prague. In the existing vacant space in Jindřišská, however, the surprising investor Moravian Orli Association from South Moravian Telnice are planning to build. Another new luxury apartment building is being built by real estate company Atkins & Lanford Ostrovni. Journalists had the opportunity to see the premises of the reconstructed Barrandov Terraces on the 7th of November.

A much larger project, which has remained on paper for many years, is Savarin in the courtyard between Wenceslas Square and Na Příkopě, Panská and Jindřišská streets. The multi-billion-dollar project, including the reconstruction of historic buildings and the construction of new offices and shopping passages, has been underway for almost 15 years.

Author: Holly Webb

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