Construction in the Zbrojovka Brno complex will begin next year

Brno - The construction of apartments and offices worth several billion crowns in the area of the failed Zbrojovka Brno will not start this year either. This follows from information from J&T Real Estate, which is behind the project. The reason is the impact of the crisis and changes to the zoning plan. The area, covering over 22 hectares, was jointly auctioned off at the beginning of 2007 by the J&T group and Czech Property Investments of Radovan Vítek through the company Bianko for a record sum of 707 million. The original start date for construction was set for 2009.
    "Currently, numerous studies are underway that will indicate the final form of the location. The revitalization project of this brownfield is among the largest intended investments in the city of Brno. The start of construction is anticipated in 2011," stated J&T Real Estate on their website.
    Original investment estimates for several thousand apartments as well as offices, shops, and other commercial spaces in lucrative areas near the center of Brno ranged from eight to 11 billion crowns.
    "The original plan remains due to the size of the area. We never counted on putting everything on the market at once. Due to the crisis and secondarily the situation in the market, it will be postponed in time," said Martin Kodeš, the sales director of J&T Real Estate, to ČTK. "The reasons for the delay are the crisis and the still incomplete change to the zoning plan for the area, which is also hindering further preparatory work," he added.