Praha will present a new organization, Prague Development Company

Publisher
ČTK
29.04.2020 08:10
Czech Republic

Prague

Prague - Representatives of the Prague City Hall will today present the establishment of the municipal contribution organization Prague Development Company. It will be established on June 1 of this year and will primarily focus on the utilization of city land, its development, and the construction of residential buildings. The city will invest 13 million crowns into it. A director appointed by the city council will lead it, and it will include a three-member investment advisory committee that will serve as an advisory body to the director.


The organization will deal with so-called land development, preparing city lands and areas for the construction of residential buildings up to the zoning process stage. Simultaneously, the Prague leadership will decide for specific projects whether the city itself will build the houses or collaborate with a private investor. The tasks that the city developer will address will always need to be approved by the Prague leadership. Currently, about 40 city plots have been identified, including areas like Palm Park in Prague 8 and Nové Dvory in Prague 4.

By the end of this year, the organization is expected to have 10 to 12 employees. Next year, it will increase to 12 to 16, and by the end of 2022, it should have 20 to 25 employees. The organization will be headed by a director who will have an investment advisory committee at his disposal. The city will look for the director through a tender.
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