In Vítězné náměstí in Prague 6, there will be a new multipurpose building

Prague - A new multifunctional building will be constructed on the site of the former market at Vítězné náměstí in Prague 6. Its construction will be secured by a company established by the city council in partnership with the financial group PPF. The contracts for the joint venture were approved today by the representatives of the sixth district. The new building is expected to house various shops and services, particularly offices. The costs are estimated to be one billion korunas.
    The building is expected to offer approximately 11,000 square meters of office space and 3,000 square meters for shops and services. The underground garages could provide 300 to 350 parking spaces.
    The land at Vítězné náměstí is one of the last lucrative plots owned by the Prague 6 municipality. The land will not be sold; it will be leased for 40 years. During the construction period, the rent will be eight million korunas per year, which will then increase by one million.
    The joint-stock company, of which Prague 6 will hold a 45% share and PPF 55%, will ensure the construction and subsequent operation of the new building. PPF will have the majority of the board members, while the city council will have representation on the supervisory board.
    According to earlier reports, Prague 6 is expected to invest 65 million korunas into the joint venture, while PPF will invest 79 million korunas. The construction of the building will further be financed through a bank loan. The sixth district could potentially buy PPF's stake in the future and become the sole owner of the property, or vice versa. A joint sale of the building could also be a possibility.
    In the past, the city council considered constructing on the land by contributing it to a joint venture. The partner would build the building and transfer part of it to the office. Considerations suggested that it could serve as a new city hall for Prague 6. The current plan anticipates that the city council could influence how the spaces for shops and services would be utilized.