Prague has initiated the operations of the company Prague Development Company

Prague - The Prague City Hall has begun the operation of the city company Prague Development Company (PDS). It will be primarily responsible for the utilization of city land, its development, and the construction of residential buildings. CTK was informed today by the City Hall spokesman Vít Hofman. The organization was established on June 1 of this year, and the Prague councilors have already appointed the company's investment advisory board.

"PDS will primarily act in the role of a land-developer, preparing city land for construction in the public interest, primarily for rental housing projects," stated Deputy Mayor Petr Hlaváček (TOP 09).

The company will prepare the concept and will be responsible for it throughout the approval processes until the zoning decision and building permit. The actual implementation phase will take place in cooperation with the private sector, or in cooperation with cooperatives or construction associations.

It will be based in the Town Halls opposite the New Town Hall, where the city hall is located. "We already have a core team, but we welcome other interested parties with experience in the real estate, development, and construction sectors," said Tomáš Veselý, who is appointed to manage PDS.

For apartment construction, the city hall has identified about 40 city plots. Among them are, for example, Palmovka in Prague 8 or Nové Dvory in Prague 4.

In addition to the city hall and city leadership, the city developer will cooperate with individual city districts, the transport company, the Technical Administration of Roads, and other managers of the city infrastructure.

In recent years, the metropolis has been facing a housing crisis and rising housing prices. The city leadership wants to address this by speeding up construction approvals and other measures, which include halting the privatization of city apartments and supporting cooperative construction.