Victoria Palace opens on Vítězné Náměstí in Prague

Victoria Palace has officially opened on Vítězné Náměstí in Prague, marking the first new building on the square in 87 years. The development features 92 luxury apartments and commercial spaces on the lower levels. The construction, distinguished by its unique facade, cost approximately 850 million crowns. The architectural design was crafted by Jakub Cigler’s studio, culminating over 15 years of planning to fill the gap at the northern corner of the square. The project was acquired by the Kaprain Group in 2016, with Penta Real Estate joining as a partner the same year.

Penta Real Estate highlights that the design merges contemporary architecture with the original first-republican plans by architect Antonín Engel, who envisioned Vítězné Náměstí with a palatial neoclassical appearance. Victoria Palace respects the square’s circular shape and harmonizes with surrounding buildings in terms of height and roof design. The building’s standout feature is its aluminum and glass-cement facade slats, which alone cost CZK 150 million.

The interior boasts another visually striking element: an entrance lobby adorned with lighting by Preciosa and clad in Italian travertine, a material favored by the ancient Romans for iconic structures like the Colosseum and St. Peter’s Basilica.

However, architect Zdeněk Lukeš views the project as a missed opportunity. He recalls a decade-old competition for the site, which was then owned by Petr Kellner. The winning design by architect Radan Hubička, which creatively divided the building’s mass horizontally, was rejected by conservationists. In contrast, Cigler’s design, with its prominent white verticals extending over the roof, makes the building appear taller than Engel’s despite its actual height. Nevertheless, Lukeš acknowledges the inclusion of residential and commercial spaces as a positive aspect.

According to Penta, the price per square meter in Victoria Palace can reach up to CZK 225,000, significantly higher than the average price for new apartments in Prague, which stands at CZK 152,644 per square meter. All 1,900 sqm of commercial space in the building have already been leased.

Victory Square, established in 1925, was initially designed by Antonín Engel but remained incomplete. The opening of Victoria Palace signifies the completion of the so-called fourth quadrant, a development expected to transform the square. Over the years, the square has had various names, including Říjnové Revoluce (October Revolution) between 1952 and 1990, but is affectionately known as “Kulaták” by Prague residents.

The completion of the square was achieved by the Dutch-Czech studio Benthem Crouwel International and Opočenský Valouch Architects (OVA). Plans for the fourth quadrant include a multifunctional building with apartments, offices, shops, services, and restaurants. Penta Real Estate has further construction projects planned for the area.

Source: CTK