In Karlín, the construction of an administrative building for one billion CZK will begin

Prague - By the end of this year, construction of another office building should begin in Prague's Karlín. It will be the third of a total of five buildings in the River City Prague project. The construction costs for the building named Amazon Court are estimated at around one billion crowns. Completion is planned for the fourth quarter of 2008. Petr Urbánek from the real estate company Europolis said this to journalists today.
    The River City Prague project already includes the Danube House and Nile House. Excavation work is expected to start within the next 14 days to three weeks and should be completed in the fourth quarter, when Europolis plans to select the general contractor for the construction.
    The building, with seven above-ground and two underground floors, will offer over 17,400 square meters of office space and also areas for restaurants, a café, a fitness center, and other services. The number of parking spaces will be approximately 250. The building was designed by the Danish architectural firm Schmidt Hammer Lassen (SHL).
    Europolis will build Amazon Court speculatively, meaning without securing future tenants. Renting out the completed building is, according to Urbánek, more advantageous for both the developer and the tenants.
    According to Petr Žalský from Europolis, the rent for leasing prime office space in Karlín ranges from 14.50 to 15.50 €/m²/month. Similar rents are also paid, for example, in Vinohrady, Smíchov, Dejvice, or Pankrác. The highest rents are in the city center, reaching up to 19 €/m²/month.
    The River City Prague project also includes the construction of a four-star hotel and Yukon Residence, where apartments will be leased primarily for longer stays. An operator is currently being sought, which should be selected during 2007. The buildings are expected to be completed by 2010. A pedestrian bridge to Štvanice is also planned. The total costs of River City Prague are currently estimated at around four billion crowns, Urbánek said in response to a question from ČTK.
    The buildings are located in an area that was hit by devastating floods in 2002. According to Urbánek, the buildings are sufficiently protected against similar flooding. The entire area, for instance, is secured with mobile barriers, and diesel generators are reinforced in case of a power outage. According to him, neither surface nor underground flooding of the area should occur.
    Currently, there are over two million square meters of office space on the Prague real estate market, which includes newly built and renovated spaces. According to forecasts, about 210,000 m² should be completed this year and around 190,000 m² of offices leased.