Mělník is presented with the opportunity to reconstruct Charles IV Square.

Mělník - The town square of Karl IV in Mělník may receive a new appearance in the future. A British investor plans to demolish unsuitable buildings and replace them with a development that respects the historical character of the area. However, the project still needs to be approved by the city council, said councilor Radim Vajchr to ČTK.
    Mělník has been striving for the reconstruction of its second largest square for over ten years, but all previous attempts by developers have ended in failure. However, the British investment fund St. Wenceslas Property Fund has now secured sufficient financing to cover more than half a billion investment. The city should enter the project by leasing land, which will remain in its ownership.
    The main aim of the proposed plan is to replace the existing unsuitable buildings with new development that respects the character of the location. The new buildings will include shops, a hotel, residential apartments, and spaces for leisure activities. Parking will be provided by a large-capacity underground parking lot.
    "The conducted market research confirmed that there is a strong demand from retailers for new retail units," said investor representative John McGregor. According to him, commercial buildings should create suitable spaces for existing shops, attract new interesting brands to the city, thus ensuring long-term income for the city. "The residential part of the project should be very attractive due to its location in the upper floors of the building, where there is no shortage of unique views of the city’s historical monuments," McGregor added.
    The project still needs to be approved by the councilors. People can view a three-dimensional model of the planned shape of the square at the town hall, where it was placed today. According to representatives of the city leadership, the public will have the opportunity to express their opinions on the entire project.
    St. Wenceslas Property Fund is a British real estate investment fund managing assets worth 165 million euros in Central Europe. The fund is managed by the management company Hunter Property Fund Management based in Edinburgh, Scotland, which currently manages a property portfolio worth over 600 million euros.