Pre-construction work started on one of the last empty pieces of land in Prague’s city center: the parking lot at the corner of Národní třída and Mikulandská street in Prague 1. The city sold the property to Dittrich for CZK 180m (CZK 243,000 per sqm) in 2005. The company wanted to build a luxury hotel there and had even secured a construction permit in 2010, but the recession forced the investor into bankruptcy, with the plot taken over by the financing PPF Bank.
Work on the plot started only after a new local investor entered the game: Petr Němec, founder of PharmaSwiss company. According to the daily Metro, Němec has already invested hundreds of millions of crowns into the plot and the neighboring Schönkirchovský palace, which will be part of the project. However, the area will be subject to an archeological dig, which makes the completion date uncertain.
