The burned-out Industrial Palace could be completed by a private investor

Prague - The Prague City Hall is considering that it would rebuild the burned Industrial Palace with the financial assistance of a private investor, the Deputy Mayor Ivan Kabický (ODS) said today to ČTK. The city plans to start construction in 2014. The expected costs are estimated at 1.6 billion. The left wing of the Industrial Palace burned down three years ago.
A contract for the preparation of project documentation was signed by the councilors this March. It is expected to be fully completed by June 2013. According to Kabický, it is therefore premature to say who will finance the construction. "However, we can imagine that we would find a strong partner who would be capable of implementing the variant we have chosen in a PPP project," said the deputy.
The reconstruction will likely be divided into two parts. The first phase includes the renovation of the Industrial Palace itself and the construction of an underpass below the central part, as well as addressing the surroundings of the building; the second phase involves the repair of the Křižík Fountain. Whether Prague will repair the fountain in the future will be decided later.
The design with which architect Jakub Cigler won the competition for the project is planned to place the palace facilities in a new underpass, similar to the Paris Louvre, from where it will be possible to ascend directly into the palace or continue towards the Křižík Fountain. An underground exhibition hall could be created underneath it, which the city has long planned for the area. In addition, Cigler also recommended expanding the park and connecting the Exhibition Grounds with Stromovka.
Insurance companies have estimated the damage to the monument, which was damaged by fire in October 2008, at 181 million crowns. This amount has already been paid out. However, according to Prague, the damages exceed 1.2 billion crowns. Extrajudicial negotiations were not successful. The case is therefore being resolved by the court. Another hearing, according to Kabický, will take place on November 24.
The Industrial Palace was built for the Jubilee Land Exhibition, which took place from May to October 1891. It is listed as part of the Exhibition Grounds, which has been protected as a historical monument since the 1950s.