Prague plans to appreciate the value of real estate at Palmovka.
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Prague plans to appreciate the value of real estate at Palmovka.


4/5/2022

All that remains from an intention of the Prague 8 city district to build a modern Nová Palmovka administrative center, is an unfinished structure of what was supposed to be the headquarters of the district council and of the Prague rescue service. However, Prague took over the property at the end of last year and repaid the district’s debt associated with the project. On Monday, the Prague City Council approved the next steps, authorizing the Prague Development Company to revise the project documentation in order to prevent dilapidation of the unfinished building.

An agreement between Prague and the Czech Ministry of Finance on offering the compound to the European Union Agency for the Space Programme (EUSPA) for its seat will determine the future of the site. 

In order to drive Palmovka’s new future, it was necessary to resolve a complicated ownership situation first. “Thanks to steps taken over the past two years, we are edging closer to bringing a significant part of this area under single ownership, creating one of the most important sites with coherent ownership within the wider city center. If Prague wants to develop meaningfully and build new functional neighborhoods, as the city has done in the past, this is a perfect opportunity,” explains Jan Chabr, City Councillor in charge of municipal asset management.