Penta will hold new competition for second phase of Masarykovo station project

by   CIJ Linguistics
2020-08-12   10:53
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Penta has had to scale down its vision for the transformation of the Masaryk train station in reaction to public outcry. Rudolf Vacek, development director at Penta Real Estate, said the company had agreed with the City of Prague to hold a new architectural competition for the second portion of the project. "We also agreed that at least 40 percent of the space will be made up of flats, not offices," Vacek told Hospodarske noviny. Given the rapidly rising price of residential property in Prague, that's obviously not a complete loss for the developer, but it does mark a considerable change in plans. It also means construction won't be completed by 2025 as originally hoped. The new competition could get underway before the end of the year. Penta Real Estate secured planning permission for the first portion of the project over the summer and expects to begin building in the coming months.