Penta will present plans for construction at Masaryk Station

Prague - The investment company Penta will present on Thursday an architectural plan for the development of unused spaces around Prague's Masaryk Station. The company plans to build eight buildings along the station from the street on Florenc to the expressway and further around the Florenc bus station, labeling the area as Central Business District. Apart from office spaces, shops and cafes are to be developed as well. The company is also considering building apartments near the bus station.

The first part of the land, totaling 10,000 m², was purchased from Czech Railways this January for 235 million crowns. Penta compares the project to London's City. The construction is intended to connect both areas in front of and behind the expressway and, by covering the railway tracks, also link Hybernská and Na Florenci streets, currently separated by the railway and surrounding fenced lots. So far, construction work around the station has not begun, and the investor, together with Czech Railways, has started an archaeological survey of the land.

For the entire project, the company needs 22,000 m² of space. It obtained preliminary consent from Czech Railways for the sale of the remaining land along with the signing of the contract to sell the first part of the land, which is adjacent to Na Florenci street. Penta plans to complete the entire area in about eight years.

The project for development at Masaryk Station is over ten years old. In 2004, Czech Railways signed an agreement under which Penta had a preemptive right to the land. The agreement also established the calculation of the final price, setting it at 7,200 crowns per m² for future office and other spaces. Since then, the carrier has repeatedly tried to negotiate a higher price but ultimately agreed to a deal that at least amended the earlier payment deadline.