Residential developers buying existing buildings to get at Prague land

Residential developers buying existing buildings to get at Prague land

Published at: 2019-10-16 10:07 | Author: CIJEurope.com
The Prague edition of Denik.cz reports that the appetite of residential developers in the capital for buildable land is so enormous that they're trying to buy existing villas and family homes. The paper reports that depending on the scale of the project, such projects tend to spark the creation of civic initiatives by neighbors and the surrounding community. It quotes a letter received by one owner of a building from the development company SATPO. "I've taken the liberty of contacting you with the interest of property that's in your ownership," writes Pavel Stary, SATPO's director of acquisitions. "We've been involved in residential construction for more than 20 years, we're not a real estate agency."

The paper then gives KKCG's project to replace a dilapidated sanatorium in Prague 5 with a new residential scheme as another example. Despite the protests of local groups, IPR Praha, the city's urban planning institute, has backed the project. It argues that the area will be improved by the project's quality architecture and by the creation of new public space.

Similar Stories:

Hamilton Zanze buys Oasis at Montclair Apartmentsfor $64.3m
Hamilton Zanze has purchased Oasis at Montclair Apartments, a 244-unit apartment community  »
Mixed-use scheme, including low-income housing, breaks ground in Bronx
Gilbane Development Company, The Hudson Companies, and the Mutual Housing Association of N  »
Olympus Property buys Icon Harbour Island for $131.5m
Olympus Property has paid $131.5m for Icon Harbour Island. Located 2 miles south of downto  »
Treetop secures $120.8m in refinancing for Queens apartment complex
Treetop Development has secured $120.8m in permanent refinancing for a 917-unit apartment  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »