The former Milo site in Olomouc will be transformed into a multifunctional center

Olomouc - The former factory of the bankrupt company Milo near the historical center of Olomouc is set to transform into a multifunctional complex that will include shops, an entertainment center, apartments, and offices. The investment, which will require approximately ten billion crowns, is expected to be completed by 2015. The investor of the development project will be a joint venture of the holding company ING Real Estate Development and Sekyra Group Real Estate. The companies informed ČTK about this in a press release today.
    Investors expect to build more than 200,000 square meters of new spaces at the site of the unused factory and its surroundings. About 40 percent of it is to belong to the shopping and entertainment center. The remaining part is intended for residential buildings with hundreds of new apartments, administration, pedestrian zones, bike paths, and green areas.
    In the first phase, which should be completed by 2010, a commercial and entertainment center will be created on the site according to information from the investors. Concurrently with the completion of the first phase, construction of the residential and administrative parts should begin. The Olomouc Šantovka project also includes the restoration of the local protected biocenter and its accessibility to the public. Investors will also need to remove old environmental burdens from the area.
    According to a study commissioned by the companies, due to the limited number of spaces in the city center, demand for new shops, office spaces, and housing is expected. The former Milo complex is located about a five-minute walk from the center of the regional city.
    Operations at the former factory of the bankrupt company Milo definitively ceased in April 2004, when the company Setuza launched a new line for filling vegetable edible oils at its refinery on the outskirts of the city.