Hochtief Development-crestcom.cz

At this stage, the preliminary name of the complex is Administrative Centre Letňany and it will comprise six office buildings with a total rental area of about 68,000 square meters, directly beside the Letňany metro station on line C.

The construction launch is planned for the second quarter of 2010 and the completion of all stages for the second quarter of 2014, the developer said. Hochtief declined to provide CBW with details about the estimated investments costs for the project, the name of the financing bank or the amount of office space due for delivery in the first stage. Company representatives only said that “the project will offer great flexibility of units, starting from 200 sqm to 3,500 sqm (1 floor) or even the whole building.”

Letňany is not an office district, but the project has a potential on the market, Eduard Forejt, head of office agency with property consultant Jones Lang LaSalle told CBW. It could be the next “city within a city,” he said, adding that the Park office complex in Prague 4–Chodov has become over the years a prestigious office location. However, Forejt expressed doubts that such a large-scale project could be delivered by 2014. Also, property developers typically need pre-leases on half of the projects, he said, adding that until at least mid-2010 speculative development is unrealistic.

The project has a valid zoning permit and all main parameters have been defined, the company said. “A significant part of the project will be the green rest and relaxation zone extending between individual buildings, with a water feature and an integrated central square,” Hochtief said in a statement.

The developer, part of Germany’s Hochtief Projektentwicklung, this year completed the Trianon office building in Prague 4, which is more than 96 percent leased. Hochtief, which unlike in Germany has not yet delivered any residential projects in the Czech Republic, announced earlier this year that this fall the company would commence construction of a new residential project at Kavčí Hory in Prague 4. Last month, Hochtief’s managing director Petr Beneš told CBW that the company has received a zoning permit for four apartment houses and construction launch of the residential complex is planned for the second quarter of 2010, as soon as the company receives a building permit. While in the spring Hochtief announced that the project would offer 334 units, now it counts on 370 apartments. As is the case with the planned office complex in Letňany, the residential project does not have an official name either.