Multi breaks ground on EUR 400m Czech scheme

Multi Development on Friday held a groundbreaking ceremony for the first phase of its New Karolina mixed-use project in Ostrava in the Czech Republic. The Dutch-based developer said the EUR 400mln scheme, comprising a total 240,000 m2, is the largest inner city regeneration project in the Czech Republic.

Ostrava's Karolina district, formerly dominated by the heavy industrial sector, is located near the city centre and had fallen into disuse. The redevelopment is expected to make it an integral part of the city centre. The total project comprises 97,000 m² of retail, 67,000 m² of offices, 78,000 m² in residential units, 3500 parking spaces and areas for leisure, sports and other functions. Other key features include infrastructure improvements along with the creation of an urban parkland, pedestrian walkways and a public square.

Multi said the project will be completed in four phases. The first phase that is now beginning will include a 56,000 m² shopping and leisure centre, 23,000 m² of offices, 200 apartments and underground parking. Two historic buildings will also be reconstructed and transformed into flexible, multi-purpose buildings for cultural, sports, social and training events, Multi said.