Prague - The project to revitalise Prague's Bubny district is a step closer to implementation after Prague councillors put Bubny on a list of priority areas whose zoning plan must change to facilitate development. After a go-ahead from the municipal assembly, developer Orco Property Group can start its project.
"Of course, we welcome the decision for which we were hoping," Orco spokeswoman Petra Zdeňková told Aktuálně.cz. "The city supports the development of the area, hence the step is logical," she added.
Living district
The derelict cargo train station will give way to a brand new district with offices and blocks of flats, relaxation areas and cultural facilities. Besides, it should be home to a university campus and healthcare facilities.
"We don't want to create a project that will go dead after office hours. Our district should live," said Orco vice-president Aleš Votruba.
Owing to Prague councillors, work on the project should start in two years.
"We must get various permits, we will also have to demolish, but we expect the first work to start in 2010," said Zdeňková.
The district with almost 40% of green area (partly owing to grass on roofs) should be completed in 2018.
The company itself will invest EUR 3 billion (some CZK 72 billion) in the project in the years to come.
Billions for Prague
A study commissioned by Orco has shown the new district should increase Prague's GDP by 7%, which is some CZK 86 billion a year.
Besides, the new office blocks will create more than 23,000 new jobs, above all in segments with high value added, including finance and IT.
Besides Bubny, the Žižkov and Smíchov train stations have also received a go-ahead for revitalisation. Masarykovo nádraží is expected to yield to new development as well.
Adapted and republished by Prague Daily Monitor.
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