Prague’s city council has approved another rental apartment project to be carried out by Pražská developerská společnost (PDS), this time in Nový Dvory – Prague 4. The plans call for the construction of 45 apartments that should be rented to single mothers, senior citizens or to people working in sectors essential to the functioning of the city (such as first responders, teachers and other professions). PDS is a Prague-run organization that carries out land development for the city as well as specific projects. It’s currently working on more than a dozen development zones where Prague has significant land holdings.
Novy Dvory is one of them. Adding to the significance of the project is the fact that it’s located near one of the future stations to be built along the metro’s D line.
Deputy mayor Petr Hlaváček said the Novy Dvory residential project is one of the early city rental projects planned to make it possible for essential workers to be able to continue living in Prague. “Our Prague Development Company is working on dozens of these kinds of projects. It’s how we pay off our debts from the past when the city did nothing privatize flats rather than building any of its own. Nové Dvory is a perfect fit for such projects,” he said. “The city has extensive land holdings there and the metro D will go through it so we want to create a living city district. Prague should continue to be a city for everyone, not just for the rich – and affordable housing is a prerequisite for this.” PDS is working on development plans for the entire zone which include other residential projects along with sites for a nursery school and a new elementary school.
The newly approved project is located on Durychova street, but it’s just the first in a slew of projects the city is working on. PDS director Petr Urbánek says it’s a huge zone where his company could end up building as many as 2,000 city rental flats. “We already announced the Jalový dvůr project, then today Prague approved Durychova I and more residential projects will gradually be following.”
Also in ThePrime
ČNB’s interest rate hikes no match for real estate inflation
Spaceflow raises €8 million from Swedish proptech group Hydda
