The future of the gap at Vítězné náměstí in Prague 6 is still unclear

Prague - The future of the gap at Vítězné náměstí in Prague 6, where the criticized project named Polar Bear was originally supposed to stand, is still not resolved. Negotiations with the investor are ongoing, and the city council does not want to act hastily, said mayor Ondřej Kolář (TOP 09) today in response to a question from ČTK. For several weeks, there has been talk of a possible out-of-court settlement. However, the investor has not yet paid the twenty-million debt from the past to the city council.

At the December council meeting, the mayor stated that the owner showed a willingness to pay the debt. Half of the amount was to be paid by the end of 2016. Then both parties would withdraw lawsuits from a year ago. However, that has not happened yet. "Negotiations are continuously underway and are very gradually moving toward a promising conclusion," the mayor told ČTK, adding that "in such a complicated matter, it would certainly not be wise to act hastily." He did not want to comment further on the situation. It is also unclear whether the city council will sell the lucrative land. The mayor did not rule out such an option in December.

The development of the gap between Verdunská and Jugoslávských partyzánů streets has been discussed for many years. The city council owns the land and in 2011 leased it to Vítězné náměstí a.s., which was backed by PPF Real Estate. However, they could not agree on the design of the building that should fill the gap. The stalemate culminated in mutual lawsuits. In mid-last year, the financial group Penta, along with Karla Pražáka's Kaprain Group, became the new owners of Vítězné náměstí a.s. The new owner does not want to build Polar Bear. According to the mayor, a smaller building should be constructed, likely an apartment building with shops on the ground floor.

Karla Pražák, a former associate of PPF owner and the richest Czech, Petr Kellner, bought large parking lots next to the O2 Arena in Vysočany last year, where he plans to build houses worth several billion crowns. Pražák's holding also owns projects for skyscraper construction near the Chodov metro station and is a co-owner of the outlet center near Ruzyně or the Mercury shopping center in České Budějovice.

The investment group Penta was founded in 1994. It operates primarily in healthcare, financial services, manufacturing, retail, and real estate development. It has operations in more than ten countries in Europe and has representation in Prague, Bratislava, Warsaw, and Munich. Next year, it is expected to start construction of a shopping center near Masaryk Station in the Prague heritage reserve.