Instead of the Waltrovka factory, a new district will emerge for five billion crowns

Prague - The area of the former aircraft engine factory Waltrovka in the Jinonice district of Prague will transform into a new district over the next few years for five billion crowns. Investor Penta Investments began construction of the first administrative building, Aviatica, worth one billion crowns, in November. In the future, at least one of the original factory buildings constructed by entrepreneur Josef Walter should be part of the new urban district. Thursday, December 19 marks the 140th anniversary of his birth.
    The area of the former aircraft engine factory covers a total of 16.5 hectares. According to the zoning plan, 1.5 hectares must be covered by a park. Penta plans to build administrative buildings along Radlická street on another five hectares, which will shield traffic noise. In the quieter back part of the area, residential buildings are expected to be constructed on approximately ten hectares.
    The first building rising in the area, Aviatica, is set to offer over 27,000 m² of rentable space. In addition to offices, restaurants, cafes, and shops are to be established here. Petr Palička, the project director of Penta's real estate investments, stated that a similar building with 17,000 m² of rentable space could be developed next to Aviatica in the future. According to Palička, there is already a zoning decision for it.
    Aviatica is expected to be completed in the first half of 2015. "We expect that the first tenants could move in by July 2015," said Penta's project manager, Pavel Streblov.
    Penta is set to begin construction of residential buildings in two years. In the first phase, it will involve approximately 100 residential units. Penta plans to build smaller apartments in four- to seven-story buildings, larger apartments in lower buildings, as well as family houses. The price of the apartments is expected to range from 45,000 to 64,000 crowns per square meter, while family houses should cost up to ten million crowns.
    In addition to the new construction, the new urban district in the area should include at least one of the original factory buildings, which is a protected monument. Palička noted that Penta has not yet decided how to utilize the building. "We definitely don't want to format it in any way and try to cram traditional offices into it," he said. The company is considering, for example, creating atypical offices for the creative departments of advertising agencies or a museum of historical vehicles.
    Penta acquired the land in the Waltrovka area from the Czech-Irish company Red Group.
    The factory building in Jinonice began to rise in 1911 when Walter Motors started production of automobiles, initially licensing Renault vehicles. Before World War I, the company moved to new premises, which included a modern body shop and paint shop. After World War II, it was nationalized and renamed Motorlet. The company returned to its original name, Walter, in 1995. Later, it split into Walter Engines and Walter Medica. Walter Engines was bought by American General Electric in 2008 and renamed GE Aviation Czech, which now falls under GE's aviation division. Shortly thereafter, the company left Jinonice, and since then the area has deteriorated.