In Vítězné náměstí in Prague 6, there will probably be a new multipurpose building

Prague - A new multi-purpose building is to be constructed on the site of the former market at Victory Square in Prague 6. The construction is likely to be handled by a company formed by the city council and the financial group PPF. The plan was approved today by the representatives of the sixth municipal district. The new building is expected to house various shops and services, as well as offices. The costs are estimated at one billion crowns.
The building could reportedly offer about 11,000 square meters of office space and 3,000 square meters of space for shops and services. The underground garages could accommodate 300 to 350 parking spaces.
The plot at Victory Square is one of the last lucrative parcels owned by the Prague 6 municipality. It would be leased for the construction of the building. The construction and subsequent operation of the new building would be ensured by a joint-stock company, in which Prague 6 would hold a 45 percent stake, while PPF would have the majority. "The municipality is not a developer and does not intend to become one," said Deputy Mayor Jiří Fárek (ODS).
According to information from the city council, Prague 6 would invest 65 million crowns into the joint venture, while PPF would contribute 79 million crowns. Further financing for the construction of the building would come from a bank loan. In the future, the sixth municipal district could purchase PPF's stake and become the sole owner of the property, or vice versa. A joint sale of the building could also be possible.
Other specific steps leading to the establishment of the joint venture should be discussed by the city council leadership by mid-next year.
In the past, the city council considered construction on the plot by incorporating it into a joint venture. The partner would build the building and transfer part of it to the office. There were considerations that it could house a new city hall for Prague 6.
The current plan assumes that the municipality could influence how the spaces for shops and services would be utilized. According to its spokesperson Martin Šalek, a survey among residents will be organized on this matter.