Waltrovka is in Letňany, the Jinonice complex will be transformed

Prague - The engineering company Walter Engines has completed its relocation from Jinonice, Prague, to a new industrial complex in Letňany. Next year, the Czech-Irish development company Red Group could start work on the construction of a new office and residential complex in Jinonice. Red Group announced this in a press release today. The total investment in the redevelopment of the former industrial site is estimated by the company to be around ten billion crowns.
    “We ensured a smooth relocation of production from Jinonice, and the Walter brand can continue operations in a location that is home to aviation and is also suitable for industrial production,” said Red Group's CEO Barry Cullen.
    The developer is now preparing a tender for the demolition of the old industrial buildings. They expect to receive the zoning decision for the redevelopment of the area at the beginning of next year. In 2009, they also want to start construction on the first phase of the project. This phase is planned to include 100,000 square meters of modern offices and 1,500 apartments. A square is also to be built on the former industrial land.
    “The project is to be implemented in three construction phases, and we plan to complete it within five years,” said the company's spokesperson Lucie Formandlová to CTK.
    Real estate experts view the project positively. According to Dušan Šťastník from the real estate consulting company King Sturge, it is one of the most ambitious development plans of this type in the metropolis. “An undeniable advantage is the location, which is ideal for creating a new district with both residential and commercial elements,” Šťastník told CTK.
    The development and investment company Red Group has been active in the Czech real estate market since 1992. Currently, it is implementing projects in Prague, Brno, Ostrava, and Stará Boleslav and is preparing another seven projects covering a total area of 300,000 square meters.
    Walter Engines (formerly Motorlet) specializes in the production of turboprop engines and aviation certified components, and in carrying out their overhauls. The completion of the acquisition of the company was recently announced by the American company GE Aviation.