PPF abandons Prague Eye project after hitting a wall with the authorities

PPF abandons Prague Eye project after hitting a wall with the authorities
24. června 2016 • 17:34
The financial group owned by wealthiest Czech Petr Kellner has completed its retrenchment from extensive real estate projects in Prague. PPF has sold Prague Eye, a twin office towers project planned for Prague 11 which envisages the erection of the tallest buildings in the country.

Zuzana Migdalová, a spokesperson for PPF, confirmed the disposal to E15.cz, without disclosing further details, including the identity of the buyer. Big property projects lately sold on by PPF also include an office building on Vítězné Square in the capital’s Dejvice district and land plots in the Trojmezí location. Both were acquired by former PPF manager Karel Pražák.

According to sources acquainted with the market, the financial group has abandoned its Prague property projects after failing to obtain necessary permits from authorities. “When a developer conceives the idea of putting up a skyscraper in a location where the city’s zoning plan does not permit it, it is only understandable that they come a cropper,” said Aleš Kulhánek, an assembly member and chair of the strategic planning committee at Prague 11 city district hall.

The recently publicised draft metropolitan plan includes a development in Chodov, part of Prague 11. However, no new development is to be allowed to exceed 27 aboveground levels, which is roughly the height of the country’s current tallest building, City Tower in Pankrác.

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