New administrative center in Prague 4 will cost over 1.5 billion.

Prague - The construction of the new administrative complex Gemini in Prague 4 will cost over 1.5 billion crowns. The building will replace the unused bus station between Pikrtova, Hvězdova, and Na Pankráci streets. The construction was officially launched today, with opening expected at the end of 2007. This was announced today by the development company Immorent through a media agency.
    Currently, old structures are being demolished on the construction site, and relocations of engineering networks are being made. "The ground works will start in August, and the completion of the shell construction is planned for June 2007," stated Tomas Velemínský, a managing director at Immorent, in a press release. The general contractor is the company Strabag.
    The complex, whose name translates to Gemini, will consist of two buildings separated by a passage with main entrances. The lower part of Gemini will have six floors and the higher part nine. The authors of the design are Atelier Krátký and Omicron-K, led by architect Martin Kotík.
    "We designed the architecture of Gemini not as an isolated building, but in the context of the existing and future development of the Pankrác plain," stated architect Vladimír Krátký.
    Upon completion, the building will offer 33,400 square meters of office space and 2,700 square meters for shops, services, and restaurants. There will be 430 parking spaces available. Up to 2,000 people will be able to work in the complex.
    The project is located in the center of the Pankrác plain near the metro station C - Pankrác. The project also includes a complete revitalization of the surrounding area of the administrative buildings. Greenery will be planted on the current asphalt surfaces.
    Immorent has been active in the Czech market since 1997. According to data from the Association of Leasing Companies for 2005, it is the largest provider of real estate leasing with a volume of new deals exceeding seven billion crowns. The company has more than a 56 percent market share. It is a subsidiary of the Austrian Immorent, which is one of the three largest leasing companies in the Austrian market and belongs to the Erste Bank financial group.