Tower City Holešovice will be completed by 2014

Prague - The commercial director of the development company J&T Real Estate, Martin Kodeš, estimates the completion of the Tower City Holešovice project to be in 2013 to 2014. The investment costs of the entire project, which has been delayed by about a year, will approach two billion crowns. "We have redesigned the project, we have lowered the heights of the buildings. A decision on the location of the construction should be made next year," Kodeš told ČTK today.
    On the banks of the Vltava River in Prague's Holešovice, a city within a city will emerge, characterized by modern architecture and will change the face of the former industrial suburb. High-standard residential units will prevail, and there will be new administrative areas and commercial spaces in the area.
    As Kodeš stated, the Shopping Mall Rustonka project near the Prague Invalidovna has also faced a delay of about six months. It too was held up during discussions about the zoning plan. On the former grounds of the Prague machine works on Rohanský Island, a complex is being developed that will include a shopping gallery, office spaces, and comfortable apartments. J&T Real Estate is counting on an investment of three billion crowns. In subsequent phases, the complex will be supplemented by additional administrative buildings and a hotel. The total usable area of the complex will reach up to 7,000 m², with the start of construction planned for 2009.
    J&T Real Estate continues with the reconstruction project of the Sugar Refiners' Palace on Senovážné náměstí in Prague, Kodeš said today. In the monumentally protected building adjacent to the Jindřišská Tower, a representative five-star hotel of the Le Royal Meridien chain will be created. Upon completion, planned for 2011, 175 luxury rooms will be available for guests. The investment will reach 1.5 billion crowns.
    The total value of the projects that J&T Real Estate is implementing or will start in the next five years in the Czech Republic is around 30 billion crowns, previously stated J&T Real Estate partner Dušan Palcr. The projected value of all projects that the company wishes to undertake in the Czech Republic, Slovakia, Russia, and other locations is about 90 billion crowns. The plans also include two hotels, residences, and administrative buildings that J&T aims to build for 750 million dollars in the Caribbean.