Residential developers buying existing buildings to get at Prague land

Residential developers buying existing buildings to get at Prague land

Published at: 2019-10-16 10:07 | Author: CIJEurope.com
The Prague edition of Denik.cz reports that the appetite of residential developers in the capital for buildable land is so enormous that they're trying to buy existing villas and family homes. The paper reports that depending on the scale of the project, such projects tend to spark the creation of civic initiatives by neighbors and the surrounding community. It quotes a letter received by one owner of a building from the development company SATPO. "I've taken the liberty of contacting you with the interest of property that's in your ownership," writes Pavel Stary, SATPO's director of acquisitions. "We've been involved in residential construction for more than 20 years, we're not a real estate agency."

The paper then gives KKCG's project to replace a dilapidated sanatorium in Prague 5 with a new residential scheme as another example. Despite the protests of local groups, IPR Praha, the city's urban planning institute, has backed the project. It argues that the area will be improved by the project's quality architecture and by the creation of new public space.

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