<Národní dům in K. Vary will be restored without a modern extension>

Karlovy Vary - The renovation of the National House in Karlovy Vary will likely be limited only to the historic building, and the modern extension that was part of the original project will not be realized. This follows a series of discussions between Eltodo, the property owner, and the city. The city leadership is likely to support this option and will not insist on adhering to the original plan, as it could jeopardize the renovation of the protected monument. This was reported by the mayor's deputy Jiří Klsák (KOA).
Just this May, it was expected that the renovation of the National House would be divided into two separate parts. The first would involve restoring the original historic building, while the second would involve adding a modern multipurpose building. However, this option is probably not realistic either. Eltodo has not found a strategic partner to contribute to the project financing, the deputy stated. "From my perspective, it may be better if the modern extension is not built next to the historic building," said Klsák.
Work on the project, estimated at approximately 800 million crowns, began last April. However, it has not progressed much since then. One of the main reasons cited by Eltodo was the archaeological survey. Although it did not bring any significant discoveries, the city acknowledged that it delayed the construction. For this reason, Eltodo was granted an additional six months to complete the renovation, which is now expected to end in June 2014 instead of December 2013. "If the company does not meet the deadline, they will pay us a penalty of 200,000 crowns for each day of delay," added Klsák.
In May of this year, Eltodo explained the problems with the renovation of the National House and its extension by stating that the crisis had completely changed the situation in the real estate market, leading to a loss of interest from investors in the Karlovy Vary project. Similarly, interest from banks in financing the project reportedly cooled down. According to a statement by Eltodo's media representative Richard Štrégl at that time, Eltodo had invested approximately 100 million crowns into the project. The company's representatives have not commented on the current situation and options for the renovation of the National House.
As the original owner of the building, Karlovy Vary had attempted several times in the past to sell the National House. However, there was no interest in the building. Therefore, the city halved the price from 42 million crowns. Eltodo was selected in a tender from two bidders. The company paid the city a five million crown deposit in 2008. However, the transfer at the cadastral office took a very long time due to disputes between the city hall and businessman Ivo Ouřada, who claimed a right to the property and had the National House blocked. The dilapidated property was finally obtained by Eltodo in March 2010.