Česká spořitelna wants to build hundreds of apartments in Brno for an estimated 1.5 billion

Brno – Česká spořitelna plans to build hundreds of apartments in Brno in cooperation with the city, estimated to cost 1.5 billion crowns. This was said today to journalists by the deputy mayor Jiří Oliva and Marek Blaha from Česká spořitelna. The apartments are to be located on city-owned land in the area of West Gate. They should serve as rental housing for doctors, teachers, policemen, young families, with rents expected to be up to 25 percent lower than the market rate.

According to Oliva, the West Gate is ready, and after signing the memorandum, Česká spořitelna could start preparing the project. "Experience with similar projects shows that the design process takes two years. If everything goes smoothly, construction could begin in two and a half years," said Oliva.

Česká spořitelna wants to develop an affordable housing project in the Czech Republic inspired by Vienna, where its parent company Erste Bank has already built over 10,000 affordable rental apartments. For this purpose, Česká spořitelna established a subsidiary called Accessible Housing of Česká spořitelna, where Blaha is the director. "The city will provide the land, we will be the investor that constructs it. Subsequently, the apartments will serve nurses, young doctors, teachers, policemen, firefighters, etc. for a reduced rent of 20 to 25 percent," added Blaha. Thus, the apartments will be created from private financing without any claim for funds from the city. The specific tenants will be selected by the city.