TIME FOR CHANGE

Codeco Celebrates 5 Years from It´s Establishment

This autumn development company CODECO celebrates its fifth anniversary on the Czech real estate market.

 

Since its establishment in 2004, the company has been focusing its activities primarily on the development of residential and office projects; its portfolio also includes the lease of industrial space and film studios.

 

The company´s most notable venture is the planned revitalisation, already underway, of the large-scale 14-hectare KOLBENOVA CITY DEVELOPMENT site with its original industrial buildings in Prague 9 - Vysočany. The site is located directly at the Kolbenova station on the B line of the Prague metro.

 

In addition, CODECO is also implementing the development of projects on sites owned by various investors throughout the Czech Republic. Last but not least, it is also developing projects in Kazakhstan where it is currently in the planning stages of a luxury residential project called Czech Terraces which is located in the former capital, Almaty.

 

CODECO´s residential projects

Over the past number of years the company has successfully implemented the NA ZELENÉ HARFĚ residential project in Prague 9, NAD BOTIČEM residential project in Prague 4 and POD HANSPAULKOU residential project in Prague 6. The KOLOVRÁTEK project in Prague 10 is nearly finished.

 

What all CODECO´s residential projects have in common is high-quality architecture, emphasis on a highly functional layout and high standard implementation. Furthermore, the KOLOVRÁTEK project has achieved energy saving building status with energy rating B.

 

As part of the KOLBENOVA CITY DEVELOPMENT (KCD) project, CODECO has already renovated and fully leased two buildings. The first, the KCD 13 building with 4,400 sq m of retail and office space, was renovated in 2007; the second, the KCD 4 building with 5,500 sq m of office space, in 2008.

 

Back in 2006 the KCD 40 functionalist villa, a listed building built in 1938-1939 by leading Czech architect F. A. Libra, was partly renovated.

 

The development of the seven-storey KOLBEN CUBE modern building with over 20,000 sq m of office space and 2,000 sq m of retail space has now been launched and the KOLBEN TOWER project, which will become the high-rise landmark of Nové Vysočany, is in its planning stages.

 

KOLBEN RESIDENCE, KOLBEN KEY offices and the KOLBEN MALL shopping

In the future KOLBENOVA CITY DEVELOPMENT will also include a residential part called KOLBEN RESIDENCE, KOLBEN KEY offices and the KOLBEN MALL shopping, social and office centre. A pedestrian zone with restaurants, cafés and malls will pass through the entire KCD site.

 

This will connect KCD with the Rokytka Park which is currently undergoing significant transformation under the auspices of the Capital City of Prague and financed by the capital using EU funds. The first part of the cycling path has already been completed and there are plans to create paths for in-line skating as well as tennis courts.

 

In this growing "city within a city", it is not only possible to lease modern grade A office space, but, if need be, CODECO can also create company headquarters tailor-made to meet the specific needs of the client.

 

The scale of the site, with Kolbenova station on the metro´s B line located in the centre of the new growing town, is totally unprecedented in the Prague context.

 

Pavel Weishaupt, director of acquisitions at CODECO, evaluates the company´s activities in Vysočany as follows: "Five years ago we were the pioneers in Vysočany who started to get involved in the entire large-scale site and uncovered its potential together with urbanists and architects.

 

This is also why we initiated the creation of the Nové Vysočany Association in which we work closely with other developers who are developing their projects in this neighbourhood."

 

Martin Jan, business director at CODECO, added: "Although we have renovated a total of three buildings to date at an overall investment of over 100 million crowns as part of the KOLBENOVA CITY DEVELOPMENT - the heart of the future Nové Vysočany development area - this is only the beginning of a wide-scale revitalisation planned for over the coming years."

 

Company´s visions and plans for the future

Speaking on the company´s visions and plans for the future, Petr Fanta, general director of CODECO, said: "Our primary project for the coming years remains KOLBENOVA CITY DEVELOPMENT.

 

This area, which we will continue to transform in close cooperation with the Prague 9 Municipal Authorities, is considered by the Municipal Authorities of the Capital City of Prague in the new master plan for the city to be one of the development areas in the capital with the greatest potential.

 

In keeping with our vision, the Capital City foresees a combination of wide ranging urban functions for the site - residential, office, retail, leisure and recreational.

 

Therefore, thanks to the KOLBENOVA CITY DEVELOPMENT project, a large-scale local city centre with the entire necessary infrastructure will be created over the next number of years.

 

KOLBENOVA CITY DEVELOPMENT will see the creation of over 70,000 sq m of offices, 900 - 1,000 apartments for at least 2,000 new residents and 12,000 sq m of shops in Nové Vysočany. We calculate that total investment in the entire project will come to billions of crowns.

 

In addition to Nové Vysočany, we would like to continue to expand in the area of residential development and continue with projects with refined architecture and high-standard implementation."