A building located in the center of Košice has been sold, further signaling significant redevelopment plans for the area around the city’s main square. The project is linked to the broader transformation underway along Hlavná ulica and Južná trieda, where extensive residential construction is being planned. The development, which includes the construction of over 1,100 apartments, has raised concerns among residents of nearby Palárikova and Ludmanská streets. Local opposition has included a petition submitted to the city council, involvement of the prosecutor’s office, and public protests, where residents expressed worries over the project’s growing scale. The fenced land behind the local bus stops is owned by Košice Project Development, a Bratislava-based company whose managing directors are Ján Krnáč and Štefan Beleš, with corporate ties to entities in Cyprus. The developer behind the project is Cresco Real Estate, which has already completed projects in Košice, including the Mlynská Bašta residential complex. The planned construction is currently based on a 2010 building permit originally granted for a hotel with 167 rooms. Cresco is now seeking to modify the permit to reflect changes in the project. Construction is expected to begin in 2026, with completion scheduled for 2028. In April, it was revealed that a connected company, South City Development, acquired an adjacent 2,016-square-meter plot from the Social Insurance Agency. The state institution classified the land—located just beyond the protected historic zone—as surplus and sold it for €1.4 million. The site was once the location of a never-finished congress center. Both South City Development and Cresco Real Estate share common ownership links through entrepreneurs Štefan Beleš and Ján Krnáč. Beleš is listed as the ultimate beneficial owner of both companies, while Krnáč serves in executive roles at each. Cresco Real Estate stated it will publicly communicate its plans for the newly acquired plot once the project is clearly defined and ready to enter the permitting phase. Source: SME