After a long delay, construction on a mixed-use project in Prague 1 is poised to get underway after archeologists completed their inspection of the site, considered to be the most expensive land plot in the city. Dittrich bought the plot at the corner of Národní and Mikulandská streets from the city in 2005 for CZK 234,700/sqm with plans to develop a high-end hotel. However, the developer failed to find an investor, and was forced to sell the property, which included the historical Schönkirchov house, in an auction for CZK 227.5m. The new investor, Petr Němec, founder of PharmaSwiss, plans to build a mixed-use project with office, retail, residential components. Groundwork has already started on the site and the investor will apply for a change to the planning and construction permits.
