Central Group has reached an agreement with the authorities in Prague 12 over the construction of a new residential district, which will be built on a 9 hectare brownfield site. In all, 850 new flats are being developed for the site along with shops, services and restaurants. The new apartment buildings will be primarily 5 levels tall and the budget for the entire investment is estimated at CZK 5.5 billion. Construction is slated to begin in 2024, but is dependent upon securing a change to the master plan for the area. The site will have to incorporate the extension of Prague’s tram network, as tracks run through the middle of the site. Central Group has promised to build a nursery school that can be used by residents of the entire district, but will also contribute CZK 1,500 for each square meter of new real estate that it creates.
