If Hostivice allows construction, they will receive 100 million from PPF

Hostivice (near Prague) - The company PPF Real Estate, which is part of the business empire of the richest Czech, Petr Kellner, wants to invest over 100 million crowns in public spaces in Hostivice near Prague. The money is intended for green space improvements, the construction of sports facilities and children's playgrounds, or road repairs. Investment manager Tomáš Balvín stated this to ČTK. The company plans extensive construction of houses and a golf course in the municipality. The money for the development of the municipality is to be allocated after a change in the zoning plan, which is needed to implement the project.
     The company plans to build in the Břve area, which is located around three ponds on the outskirts of Hostivice, almost at the border of Prague. The project includes the construction of a nine-hole golf course, family homes with larger plots, or a combination of family homes and apartment buildings. According to the company, approximately 800 people should live in the buildings. Currently, around 200 people live in the Břve area, and about 7500 in the entire Hostivice.
     Part of the local residents protests against the intention, claiming that the company wants to build in an area that is a natural monument and that the conditions for construction there are unsuitable. They are particularly concerned about uncontrolled expansion of the municipality. "The majority (of residents) are undecided, and we want to find out what interests them and what they expect from the project," said Balvín. The company has therefore provided them with questionnaires to present the investor's intentions in more detail. Residents can express their opinions in return.
     The plans of PPF Real Estate are still at the beginning, and it will be necessary for the councilors to approve a change in the zoning plan due to the construction. "In April or May, we would like to present a proposal to the council to potentially initiate discussions about the change," Balvín said. Because of this, the company does not want to disclose more detailed plans on how the new district should look. They claim that they will be gradually adjusted according to future agreements with representatives of Hostivice and its residents.
     The hundred-million investment is related to the approval of changes to the zoning plan, which the company also wants to allocate for the development of the municipality. "Our idea is that the funds for development will be released gradually and concurrently with the entire administrative procedure," Balvín stated. They also reportedly plan to offer residents of Břve, who will be affected by the planned construction, a compensation contribution to be used for window, boiler, or facade and roof renovations. "We will not pay out cash, but we will reimburse invoices for specific services," he added.
     PPF Real Estate manages properties and development projects for the international investment group PPF. The market value of assets managed by PPF Real Estate is nearing 1.2 billion euros. The company is one of the largest entities in the Czech market and in Central and Eastern Europe. Currently, it is providing service for 77 projects.