Years of controversy and disagreements have passed, now the financial group PPF is giving up its efforts to construct its new building at Vítězné náměstí. Instead, they have sold the project to the Penta Investments and the private investor Karel Pražák.
While PPF sought to design the building for office space, the new investors want to build apartment units. They are looking to have 100 apartments in the building, with 130 underground parking spaces.
Currently, the proposal is at odds with the building laws. Now, the regulations state that the building cannot extend into the street as far as the plans propose. The land is under the jurisdiction of Prague 6, which has stated that it is willing to negotiate with the investors on these issues in order to make the project come to life.
One assertion Prague 6 has made is that they want the ground floor to be dedicated for stores, according to the same article. However, despite Prague 6’s willingness to work with developers, the building could still face controversy.
Some in Prague 6 do not think selling the land is a good idea. Instead, they believe that leasing or renting it will provide a more long-term payoff, according to the same article.