Thursday, 22 January 2026
CRESCO REAL ESTATE, in cooperation with WOOD & Company, has completed the acquisition of a large residential development located on the former Žižkov freight station site in Prague. The transaction covers the first phase of a project that will transform one of the city’s largest brownfield sites into a new residential neighbourhood. In total, more than 1,100 apartments are planned across two phases, with the first phase comprising 520 units. Construction of the initial phase is scheduled to begin in the first quarter of this year, with an investment volume of nearly CZK 5 billion.
In addition to residential buildings, the project includes public amenities, green areas and shared public spaces. The development is intended to contribute to addressing Prague’s long-term housing shortage while continuing the broader urban regeneration of the Žižkov Freight Station area, which is regarded as one of the capital’s key redevelopment zones.
The project was acquired from FINEP together with a valid building permit, enabling immediate commencement of construction. The transaction also included an option agreement covering the second phase of the development.
“We are pleased to have found an investor with experience in large-scale residential projects and the ambition to build a high-quality project. FINEP has been working intensively on the preparation of this project for a long time, and we are convinced that its potential will be fully exploited in the hands of the new investor,” said Tomáš Pardubický, CEO of FINEP.
According to Aleš Svatoň, CEO of CRESCO REAL ESTATE Czech Republic, the project represents one of the group’s most significant investments in Prague. “We are continuing the work that FINEP has done in the area and want to further develop the project in close cooperation with the municipal district to create a fully-fledged urban district with quality housing, public spaces, and services for residents,” he said.
The plans have also been welcomed by representatives of Prague 3, which includes Žižkov. “For us in Prague 3, it is essential that the new investor does not change the agreed contributions to public facilities included in the planning agreement. These will amount to CZK 167 million and will be delivered in both financial and non-financial form,” said Pavel Dobeš, deputy mayor of Prague 3 responsible for the redevelopment of the former freight station area. He added that the project includes the construction of a five-classroom kindergarten with capacity for 125 children, along with a garden, which will be transferred to the district after completion, as well as a publicly accessible green promenade.
The architectural concept is being prepared in cooperation with QARTA Architektura, which has previous experience with brownfield regeneration projects in Prague. The design focuses on integrating the new neighbourhood into the surrounding urban structure while emphasising public space and residential quality.
CRESCO REAL ESTATE is building on its experience from other Prague developments, including the SO-HO Residence project in Holešovice, where more than 500 apartments are currently under construction. The company plans to continue developing the Žižkov site over the long term, with a focus on architecture quality, sustainable urban planning and mixed-use neighbourhood life.
The project is being developed jointly with WOOD & Company, which is partnering with CRESCO REAL ESTATE through a joint venture structure, similar to their cooperation on residential projects in Slovakia. “Our goal is to offer investors opportunities that combine an attractive location, high-quality project preparation, and long-term investment potential. The project in Žižkov meets all these parameters and allows investors to participate in the development of one of the most promising locations in Prague,” said Martin Šmigura, Local Partner at WOOD & Company. He noted that the scheme forms part of the WOOD & Company Residential sub-fund, which targets an annual return of 12–15% over a recommended seven-year investment horizon.
The Žižkov freight station area benefits from proximity to the city centre and is undergoing gradual transformation into a new urban district. The location already features active construction, with further infrastructure upgrades planned, including a tram line extension that will run adjacent to the new residential complex. Demand for housing close to central Prague remains strong, and the redevelopment of brownfield sites continues to be a core element of the city’s urban strategy.
“We have been interested in the dynamics of the Prague market for some time, and our experience with the SO-HO project in Prague, the first phase of which we have successfully completed and sold out, with the second phase currently under construction, has confirmed our desire to operate in Prague in the long term and to continue to seek out further investment opportunities here,” Svatoň concluded.
