REAL ESTATE NEWS

The Developing Damage

A nasty fire broke out two weeks ago, destroying the ornate left wing of the once lovely Industrial Palace, the lingering question is being asked, what was the cause? The more important inquiry, when will the historic wing be restored?

Located in Holesovice, Prague 7 sits the historic Art Nouveau gem, the Industrial Palace. One of the first mounted steel structures in the Czech lands; this glass palace is one of the most important Art Nouveau buildings in the city. Designed and built for the Jubilee Exhibition in Prague in 1891 by architect Bedrich Muenzberger and Frantiskem Prasil, the exhibition space has held numerous events over the years including international trade fairs and exhibitions.

On the 16th of October the left wing of this important building caught fire and burned rapidly for two hours until firefighters tamed the hungry flames and had them under their control, thank goodness for small miracles, as the swiftly moving fire did not reach the central section or the right wing, they were luckily left undamaged. The cause of the fire is still unknown, although shouts of arson backed by circumstantial evidence are most certainly being heard. The reconstruction of the left wing, which quite frankly, has to take place, as the building is part of the Czech architectonic heritage, is expected to cost an estimated one billion Czech crowns, according to firefighters. The Incheba Company, which leases the palace from City Hall, just so happens to have an insurance policy worth 2.5 billion Czech crowns for the stately palace. Despite the cries of arson, insurance fraud and political involvement, Prague 7 has lost a necessary part of its historical quintessence, a part that must be replaced regardless of how the destruction happened.

The area of Holesovice has had its share of dramatic fires in the past; first in 1974, with the destruction of the 1920s Functionalist Trade Fair Palace which was lovingly restored and now houses the National Gallery’s collection of Modern and Contemporary art, and in 2005 when a replica of Shakespeare’s famous Globe theater burned to the ground.