Historic Location Near Agnes Monastery Gets New Luxury Housing

After more than 25 years of delays, a long-vacant lot near Prague’s Agnes Monastery is finally being transformed.

The location, once planned for the controversial “Marshmallow” project by architect Zdeněk Fránek, will now feature a high-end residential building—also designed by Fránek.

A Historic Site with a Complicated Past

For decades, the vacant land at the intersection of Kozí and U Milosrdných streets in Prague 1 remained undeveloped.

In the early 2000s, Italian investor Augusto Razetto proposed a new development, but bureaucratic hurdles and public opposition halted progress. Fránek’s initial design, nicknamed the “Marshmallow,” faced strong criticism, preventing the project from moving forward.

Now, after nearly a quarter-century of negotiations, the project has secured final approval.

“Building in Prague’s Old Town is an immense challenge due to strict permitting rules. But this location, combined with a premium architectural design, makes Rezidence U Milosrdných a truly unique rental property,” said Jiří Vajner, CEO of Creditas Real Estate.

The six-story building offers 27 fully furnished apartments ranging from 2+kk to 4+kk layouts. Additionally, it features two commercial spaces, underground garages, and storage units.

Monthly rents start at 45,000 CZK.

A Design Chosen Through Architectural Competition

The final design was selected through a closed architectural competition in 2018. A jury, including developers and architects Ladislav Lábus, Josef Pleskot, and Zdeněk Lukeš, reviewed proposals from top firms such as Chybik + Kristof, MS Architekti, QARTA Architektura, and CMC Architects. Fránek’s project ultimately won approval.

The 18-meter-high building is carefully designed to complement its surroundings, ensuring it does not overshadow the Baroque Na Františku Hospital or the nearby functionalist and postmodern buildings by Bohumír Kozák and Ricardo Bofill.

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