REAL ESTATE NEWS

High-end residential complexes revive areas around the city center

Impressive residential complex to revive Prague 3

As beautiful the city center is there are areas only 10 minutes away, which are world of their own. This is very apparent in Prague 3 around Olšanské náměstí; area is dominated by old, communist era buildings, plenty of unused space, heavy traffic and lack of commercial areas to liven up the area. All of this is about to change with the development of Central Park Plaza residential complex. This bold residential complex with variety of high-end apartments is being built north of Olšanska Street between Nákladové Nádraží and Park Parukářka.

By the end of 2008, CPP will feature 580 apartments ranging from 5 million CZK to 20 million CZK. Inspired by New York’s highly coveted residential districts around Central Park this project will also feature various urban greenery areas and recreational facilities such as swimming pool, tennis courts, sauna and jogging paths. Although there has been opposition to the building height (the 14 story buildings are more than twice the height of existing objects) they have sloped lower levels covered with grass, they will mirror the surrounding parks and will have plenty of open space in between for uninhibited view of the surrounding area.

In addition to the apartments investors and city authorities hope that Central Park Plaza will draw business in the area which will trigger the demand for office and retail space in the area as well. Similar projects around the city center, such as River Diamond in Karlín and Prague Marina in Holešovice are raising the standard for residential living in formerly neglected areas near the city center.