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