Cresco Real Estate and Wood & Co. to transform an industrial brownfield site in Prague’s Žižkov district into a modern residential neighborhood
The development group CRESCO REAL ESTATE, in cooperation with the investment group WOOD & Company, has completed the acquisition of a large-scale residential project in the redevelopment area of the former Žižkov Freight Yard. The companies have taken over the first phase of the project, under which they are preparing the construction of a new modern residential district on one of Prague’s largest brownfield sites. More than 1,100 apartments will be delivered in two phases. Investment in the first phase, comprising 520 apartments, will reach nearly CZK 5 billion, with construction scheduled to commence in the first quarter of this year.
In addition to housing, the project will offer civic amenities, public spaces, and greenery. The new district responds to Prague’s long-term housing shortage while building on the ongoing urban transformation of the wider Žižkov Freight Yard area, one of the capital’s most significant redevelopment zones.
The project has transferred from the portfolio of FINEP into the ownership of CRESCO REAL ESTATE and WOOD & Company, together with a valid building permit that allows for the immediate start of construction. The acquisition also included the signing of an option for the second phase of the project.
„We are pleased to have found an investor with experience in large-scale residential developments and the ambition to deliver the project to a high standard of quality. FINEP dedicated significant time and effort to preparing this project, and we are confident that its full potential will be realized under the new investor,” says Tomáš Pardubický, CEO of FINEP.
„„The Žižkov project represents one of our most significant investments in Prague. We are building on the work carried out by FINEP in the area and intend to further develop the project in close cooperation with the municipal district to create a fully-fledged urban neighborhood offering quality housing, public spaces, and services for residents,” says Aleš Svatoň, CEO of CRESCO REAL ESTATE Czech Republic.
The leadership of the Prague 3 municipal district has also welcomed the development. „For Prague 3, it is essential that with the new investor, the agreed contributions to public amenities included in the planning agreement remain unchanged. These will amount to CZK 167 million and will be delivered in both financial and non-financial forms. As part of the project, the investor will construct a five-class kindergarten with a capacity of 125 children and a garden, which will be handed over to the municipal district for ownership and operation upon completion. The project will also include a publicly accessible green promenade,” adds Pavel Dobeš, Deputy Mayor of Prague 3, who oversees the redevelopment of the brownfield surrounding the former freight yard.
The architectural design is being developed in cooperation with the Prague-based studio QARTA Architektura, which has extensive experience in brownfield revitalization projects in Prague. The concept emphasizes high-quality urban living, well-designed public spaces, and the natural integration of the new district into the surrounding urban fabric.
In Prague, CRESCO REAL ESTATE is building on its experience with the revitalization of neglected areas, including the SO-HO Rezidence project in Holešovice, where more than 500 apartments are currently being developed. At this location as well, the developer is pursuing a long-term vision focused on high-quality architecture, sustainable urban planning, and the creation of a vibrant urban neighborhood.
Expansion in the Czech Republic Continues with a Strong Investment Partner
CRESCO REAL ESTATE is entering the project together with the investment group WOOD & Company, with whom it also cooperates through joint venture partnerships on other residential developments in Slovakia.
„Our goal is to offer investors opportunities that combine an attractive location, thorough project preparation, and strong long-term investment potential. The Žižkov project meets all these criteria and enables investors to participate in the development of one of Prague’s most promising locations,” says Martin Šmigura, Local Partner at WOOD & Company. The project forms part of the WOOD & Company Residential sub-fund, which targets returns of 12–15% per annum with a recommended seven-year investment horizon.
A Location with Significant Potential
The Prague locality of the former Žižkov Freight Yard enjoys a unique position, combining proximity to the city center with its gradual transformation into a modern urban district. The project is situated in an area where active construction is already underway, alongside further planned urban revitalization. The extension of the tram line, currently in preparation, will run adjacent to the new residential complex and significantly enhance the accessibility and overall attractiveness of the area.
The Prague real estate market continues to see growing demand for high-quality housing within convenient reach of the city center. At the same time, the city is undergoing major urban changes, with brownfield regeneration forming a key pillar of modern metropolitan development strategies. „We have been closely monitoring the dynamics of the Prague market for some time. Our experience with the SO-HO project — where we successfully completed and fully sold out the first phase and the second phase is now under construction — has confirmed our intention to maintain a long-term presence in Prague. We are continuously exploring additional investment opportunities here,” concludes Svatoň.
About CRESCO REAL ESTATE
CRESCO REAL ESTATE is the largest Slovak residential developer. Since 1992, it has delivered dozens of development projects and thousands of residential units. Its projects have long shaped the modern face of Bratislava and other urban locations. Drawing inspiration globally, the company’s extensive experience in residential and commercial construction in Slovakia forms a cornerstone of its strategy. Following its successful establishment in Slovakia, the company is expanding its activities in the Czech Republic. In Prague, it is developing the SO-HO Rezidence project in Holešovice and preparing another large-scale residential project in Prague 3 – Žižkov, confirming its long-term ambitions in the Czech real estate market.
About WOOD & COMPANY
WOOD & COMPAN| is a prominent investment group with a leading position in the Central European market. Since 1991, it has provided investment banking and asset management services and traded on global stock exchanges. The company manages investments exceeding EUR 5.5 billion.
WOOD Real Estate actively manages commercial properties in Prague, Bratislava, and Warsaw. Its current portfolio comprises 19 projects totaling more than 480,000 sqm of leasable area. Among the group’s most significant real estate assets are the Aupark shopping center and Aupark Tower office building in Bratislava, Galerie Harfa in Prague, and the Astrum Business Park office building in Warsaw. WOOD Real Estate also participates in the development of commercial, residential, and logistics projects and is currently involved, together with its partners, in successful residential schemes such as Millhaus, Lakeside Residence, and Slnečnice Nad Mestom in Bratislava, as well as Nová Merina in Trenčín. More than 3,500 residential units are planned across upcoming projects.
Choose your new home according to your preferences. Make it fit you perfectly.
Your new home at Yards Žižkov is within reach
Tell us your wishes and ideas for your ideal home, and we will get in touch with you.