Prague will lend its land for the construction of a building at Vítězné náměstí.

Prague - The capital city will lend its land at Vítězné náměstí to the investor of a planned construction for the calculation of coefficients that determine the size of the building and the proportion of greenery on the land. The calculation is necessary for the permit to build an apartment building with commercial spaces that is to be located in the square. The lending of the land was approved today by Prague councilors, said Deputy Mayor Petr Hlaváček (TOP 09 and STAN - United Forces for Prague). It is a calculation that will allow the building to be constructed, added Hlaváček.

In return for lending the land to the investors, which is the Penta group together with Kaprain Group of financier Karel Pražák, the city will receive financial compensation. Hlaváček did not disclose what the compensation would be. Planting trees at Vítězné náměstí has also been promised.

The project by architect Jakub Cigler will be built on parcels at Vítězné náměstí, where a controversial project nicknamed Polar Bear was to be erected. The sale of the parcels between Jugoslávských partyzánů and Verdunská streets was approved by the city council and the leadership of Prague 6 back in 2017.

The municipality of Prague 6 rented the land in 2011 to the company Vítězné náměstí a.s., which was backed by PPF Real Estate. However, the project of a large office building nicknamed Polar Bear sparked disputes that culminated in lawsuits. In the middle of last year, the new owners of Vítězné náměstí a.s. became the financial group Penta along with Karel Pražák's Kaprain Group. The new owners stepped away from the original plan and presented a project by architect Jakub Cigler for an apartment building with commercial spaces on the ground floor.