The Prague 3 municipal council has given the green light to agreements with developers Penta Real Estate and Finep, marking a significant step in the redevelopment of the former Žižkov Freight Station (NNŽ) site. These agreements, focused on construction capacity, parking provisions, and city compensation, amounting to approximately 267.3 million Czech korunas, pave the way for extensive residential and community development in the area.

The development agreements were established following a methodology endorsed by the prior city council, aimed at determining developer contributions for essential public infrastructure related to their residential projects. Penta Real Estate’s plans encompass the construction of 530 apartments, ten non-residential units, and 700 parking spaces, organized into two phases. Finep’s project, on the other hand, includes 1,200 apartments, a kindergarten, and 1,110 parking spaces.

While the Prague 3 council has already granted approval for these agreements, city councilors are set to vote on the Finep agreement later this week. The city’s participation in the agreement with Penta Real Estate will be addressed subsequently.

Pavel Dobes, a councilor for Prague 3, indicated that Penta Real Estate can commence construction of the first phase, involving 271 apartments, in line with the zoning plan. Construction is expected to begin in early 2025, with completion slated for two years later. The developer is seeking changes to the zoning plan for the second phase, contingent upon approval from city authorities, which the agreement anticipates. In addition to financial contributions, the agreement stipulates that the developer will allocate 21,000 square meters of land valued at approximately 69.9 million Czech korunas for park development and an additional 30 million Czech korunas for the construction of an elementary school.

For Finep’s project, a zoning plan amendment is required, and it has been incorporated into the approved document. City councilors will vote on both the proposal and the agreement later this week. Finep’s participation in the development will amount to around 167.4 million Czech korunas, with a substantial portion, 72.5 million Czech korunas, allocated for the construction of a new elementary school. The remainder includes a kindergarten to be constructed and transferred to the municipal district, land for new roads, and a planned green promenade.

Tomas Hečko, spokesperson for Finep, emphasized the company’s commitment to the community, stating, “It is important for us that the considerable financial resources we provide under this agreement will be used to cover the needs of existing and future residents in the wider area. This fully reflects our approach and underlines our motto – ‘live where we like.'”

The Žižkov Freight Station site’s redevelopment envisions a new neighborhood capable of housing up to 15,000 residents, complemented by parks and educational facilities, including an elementary school within the functionalist train station building. An architectural competition is planned for the school and a central park, with a tram line and new road connections enhancing accessibility. In addition to Penta Real Estate and Finep, Central Group is also actively developing in the NNŽ area, with plans for 4,600 apartments across three projects. Czech Railways, owning the functionalist station building, is considering options for its revitalization, including cultural and social functions or an elementary school, potentially in collaboration with Sekyra Group, which intends to develop apartments and commercial spaces in the building.

Article by Prague Forum