Penta secures approval from Prague 1 for major development near Florenc and Masaryk Station
The Prague 1 city district has approved a draft agreement with developer Penta, clearing the way for key zoning changes linked to the company’s planned construction on land northeast of Masaryk Station and the Florenc area. The contract, which outlines financial and non-financial contributions from Penta to local authorities, is a prerequisite for modifying the zoning plan. It was approved by Prague 1 councillors on Monday and by city representatives yesterday. Prague 8 officials are expected to review the agreement next.
According to a statement released by Penta, the total value of contributions tied to the agreement exceeds CZK 300 million. These contributions will be divided among Prague 1, Prague 8, and the city of Prague. Prague 1 is set to receive CZK 16 million, of which CZK 10 million will be provided in cash. The remaining CZK 6 million will come in non-monetary form, including CZK 5 million allocated for public improvements to V Celnici Street and CZK 1 million earmarked for Prague 1’s share in the cost of an architectural competition.
Penta has already completed the Masaryčka office complex on part of the land adjacent to Masaryk Station. The newly approved zoning adjustments relate to additional plots located east of the station and to areas around the Florenc bus terminal, which Penta acquired in 2023 along with surrounding properties.
The development plans are based on the results of an international urban design competition organized by Penta in cooperation with the City of Prague. As part of the negotiated contributions, Penta has also committed to transferring ten residential units to the city, building a new kindergarten, and delivering a range of civic infrastructure including green spaces and public artworks.
The zoning changes now await final approval by the Prague City Council, which would enable one of the capital’s most significant urban redevelopments in recent years to move forward.
Source: CTK
