By 2010, the first part of Nová Karolina will be built

Ostrava - By mid-2010, the first phase of the New Karolina construction could be completed in Ostrava. The company Multi Development, which won the developer competition, plans to first build a shopping and entertainment center, an administrative complex, and a residential building with 200 apartments on the site of the former coke plant in the city center. A central square and an underground parking lot will also be constructed. The only listed building that remains on the site - the Power Plant and the Central Office - will also be renovated. The total cost will be about seven billion crowns, said Luboš Kočí, director of Multi Development for the Czech Republic, to journalists today.
    The New Karolina project is one of the largest urban projects in the Czech Republic. In terms of investment volume, it is the largest project in the post-revolutionary history of Ostrava. Work on Karolina will begin this Saturday. During two years of preparation, the company had to obtain over 40 building permits just for the first phase. According to Kočí, the interest from retailers in Karolina is enormous. About 30 percent of the retail space in the shopping and entertainment center is already occupied. "The interest is huge. We were not surprised by this interest, as we were convinced it would be so. I have no concerns about the first phase; we will sell every square meter," stated Kočí.
    According to Mayor Petr Kajnar, New Karolina is a symbol of the transformation of a city that was previously perceived mainly as the industrial center of the republic. "It is a big symbol for Ostrava. The construction of a new district is beginning, which symbolizes everything that Ostrava is aiming for," said Kajnar.
    New Karolina will be built on an area of 32 hectares, making it more than seven times larger than Prague's Wenceslas Square. A total of 97,000 square meters of retail space, 67,000 square meters of office space, and 78,000 square meters designated for housing will be created. The area will also include 3,500 parking spaces. The entire project is divided into four phases and is expected to be completed by 2016. The total costs are projected to be around 15 billion crowns. The last buildings of the former Karolina coke plant were demolished 20 years ago, and the site had to be decontaminated for ten years. The underground areas to be constructed at Karolina will reach a maximum depth of nine meters, and will not be lower than the level of decontamination conducted.
    Due to two listed buildings, one of which is owned by the city and one by the investor, the city will establish a non-profit organization to oversee the operation of these buildings. They will serve social and cultural purposes. The city will seek EU funding for their renovation.
    Multi Development operates in more than 20 European countries. The company's headquarters is in the Netherlands. It began operating in the Czech market in 2003 and is responsible for the construction of shopping centers in Olomouc, Pilsen, and Prague.