The Prague Philharmonic could be co-financed by private investors

Prague – In the financing of the construction of a new philharmonic hall, which the leadership of Prague plans at Vltavská, private investors could also participate alongside the city and the state. This follows from the document approved today by the Prague councilors. The total construction costs are estimated at around five billion crowns, and the financing should come from state, city, and private funds, approximately divided into thirds. The councilors also approved a memorandum proposal with the Ministry of Culture.

According to previously published estimates, the construction of the new Prague philharmonic is expected to cost 5.3 billion crowns. An additional 750 million crowns is projected for project preparation, which will be overseen by the city. According to the schedule, the competition for a construction company could begin around the turn of 2025 and 2026, and if everything goes smoothly, the building could be completed by 2032.

The city had an analysis conducted to evaluate possible funding methods for the construction, which proposed six options. According to Deputy Mayor Petr Hlaváček (for TOP 09), the option involving private funding appears to be the most suitable. He stated that until 2026, the costs of up to 200 million crowns annually would primarily be borne by the city, and the involvement of private investors and the state would come into play in 2027 or 2028 following the start of construction.

This is related to the proposed memorandum with the Ministry of Culture. The draft text declares that the city hall and the ministry "are prepared to discuss specific options for utilizing current and future grant titles from the Ministry of Culture for the purposes of project realization." It also states that a public fundraising campaign should be organized for the construction financing.

According to the city's current plans, the philharmonic will have a total of three halls – a concert hall for 1,800 spectators, a smaller hall for chamber music with a capacity of 500, and a multifunctional hall for other genres and types of events with a capacity of up to 700 people. The construction will also include commercial spaces such as shops, cafes, and restaurants.

Prague city councilors approved the processing of a change in the zoning plan last autumn, which is meant to enable the construction of the philharmonic. In addition to the concert hall, the city will also address changes around the Vltavská metro station, such as traffic solutions around Hlávkův Bridge, an underpass under the railway line, or a new metro exit. The city hall is preparing a zoning study for the entire area of the so-called brownfield Holešovice-Bubny, which includes extensive residential development.

Discussions about the construction of a large concert hall in Prague have been ongoing for decades. The most discussed issue has been the suitable location. In the 1990s, the hall could have been built in Letná - at the site where the construction of the National Library was also contemplated according to the design by architect Jan Kaplický. Japanese investors wanted to dedicate the construction to the Czech Philharmonic for its 100th anniversary. The then Minister of Culture Milan Uhde and Mayor Milan Kondr rejected their offer.