ECM has started the construction of a skyscraper in Pankrác

Publisher
ČTK
08.04.2010 21:00
Czech Republic

Prague

Prague - The development company ECM Real Estate Investments today began construction of the high-rise building City Epoque and the office building City Deco in Prague's Pankrác. To commence construction, it fulfilled all legal requirements, ECM REI stated in a press release today. Several civic associations are opposed to the construction, claiming that the developer is missing some legal prerequisites for starting the building.
    In addition to the two mentioned buildings, an administrative building named City Element will also be constructed in the area. "The building permit for City Element is expected to be issued within a few weeks," ECM stated today. The high-rise building City Epoque will offer a total of 125 luxury apartments. The two office buildings will comprise 23,000 square meters of office space. The completion of the buildings is expected in the second half of 2011.
    "This is a 'black' construction, as the company has not yet obtained a building permit," said Zora Kasiková, spokesperson for the Arnika association, to ČTK. Arnika today called on the building authority for Prague 4 to halt the construction, which according to the association is in violation of the building law.
    The chairman of the board of ECM REI, Milan Janků, recently said in Lidové noviny that the amendment to the building law has newly regulated the process of building permits. "According to it, it is up to the investor to choose the legal act necessary to commence construction. ECM REI chose to submit a certificate from an authorized inspector to the relevant authorities of the municipal district," he stated in the newspaper.
    "Civic associations are considering the option of filing a complaint against the relevant authorized inspector, who allowed the skyscraper construction without resolving existing issues and conflicts with the laws, as well as filing a lawsuit against the construction execution," said the Arnika spokesperson.
    According to ECM REI's media representative Milan Vodička, the certificate from the authorized inspector for City Epoque was issued in accordance with the building law, and its issuance is valid and enforceable. "The condition for issuing the certificate is a valid zoning decision, which the company ECM REI obtained for the City Epoque residence and which is also final," he added.
    ECM was founded in 1991 by Milan Janků. The company, which is listed on the Prague stock exchange, is currently controlled through ECM Group. Together with the PPF group, Janků is creating the real estate PPF ECM Holding, although he ultimately did not include ECM REI in the joint venture. In addition to the Czech Republic, ECM REI also operates in Russia and China.
    In the first three quarters of 2009, ECM REI deepened its loss to 28.08 million euros, approximately 731 million crowns. During the same period in 2008, the company lost 22.15 million euros (around 576 million crowns). The overall results for last year will be announced by the company on April 28.
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