Cresco will build over 1100 apartments at the Žižkov freight railway station for 11.5 billion CZK

Prague - The development group Cresco Real Estate will build over 1,100 apartments at the Railway Freight Station in Žižkov, Prague, in collaboration with the investment group Wood & Company for 11.5 billion crowns. The first of two phases of the project named Yard Žižkov, which will include approximately 520 apartments, is set to begin construction in the first quarter of this year. Representatives from Cresco Real Estate announced this at a press conference today. According to previous information, the investment in the first part of the construction is expected to be nearly five billion crowns. Cresco and Wood & Company previously took over the first phase of the project from the development company Finep.

The apartments will range from layouts of 1+kk to 5+kk, with sizes from 20 to 158 square meters. Alongside the residential buildings, a nursery school, a new bus stop, and the transformation of public spaces will also be created. Both companies are collaborating with the municipal district of Prague 3 on the development of the area.

"The Yards Žižkov project is one of the first to begin construction in this brownfield area. For us as a municipal district, it was and is crucial that the construction of thousands of new apartments in this location ensures public amenities, whether it involves kindergartens and primary schools, health and social care, parks, or public transport. And that the investors are also involved in that," said Pavel Dobeš, the deputy mayor of Prague 3 (STAN).

The companies will still be working on the specific pricing of the apartments. However, it is estimated that the 1+kk apartments, which Cresco representatives refer to as investment apartments, will sell for about 4.5 million crowns. Larger 2+kk apartments will cost around 8.5 million crowns, and 3+kk and larger will be priced at approximately 13.5 million crowns.

The urban and architectural design of the project is being developed by the Qarta Architektura studio. It is intended to follow the urban concept of the Railway Freight Station in Žižkov while emphasizing the local industrial character. "The architecture draws inspiration from the history of the area in its details and is transformed into a contemporary expression," said Jiří Řezák, the project's architect and founder of Qarta Architektura.

The Railway Freight Station in Žižkov, along with the Smíchov station and the brownfield in Bubny, belongs to the so-called major development areas in the metropolis. Other development groups also plan to build housing at the Railway Freight Station in Žižkov. For example, Penta Real Estate previously purchased land in the northern part of the area from Czech Railways for 731 million crowns and plans to build 530 apartments on a site of 40,000 square meters. The Sekyra Group acquired nearly ten hectares from Czech Railways for 2.23 billion crowns. The developer intends to build a quarter with 3,000 apartments on the site. Central Group is already constructing in the vicinity of the former station on land that did not require a change in the zoning plan.