The Baroque Savarin Palace in the centre of Prague is set to be revamped into a new public space with shops, restaurants, offices and a Time Out Market. The Crestyl Group, one of the country’s leading developers, this week unveiled its plans for a complete overhaul of the historic site.
The company, which bought the premises four years ago from Irish developer Ballymore, has brought in the award-winning UK designers Heatherwick Studio. Their work includes the famous Vessel building in New York or Google headquarters in London. The project should be completed by 2022.
Savarin Palace, designed by the famous Bohemian architect Kilian Ignaz Dientzenhofer, is located on Na Příkopech Street, the main artery of Prague’s shopping district. The 1.5-hectare site, which currently houses a restaurant and a casino, has been largely inaccessible to the public. It comprises six separate buildings, including the Baroque palace and historic riding stables.
After the renovation, the space will feature an inner courtyard with numerous walkways and terraces open to the public as well as a restored Baroque garden.
The space will also serve as a passage way, connecting Na Příkopech Street with the adjacent Panská and Jindřišská streets.
The Savarin Palace is set to feature a new Time Out Market, only the second in Europe after Lisbon.
The spacious market will showcase the best of the Czech culinary scene. The market will feature 14 food stalls, two bars and a lounge, and accommodate 465 people indoors and an additional 120 seats outdoors.
The first Time Out market, run by the British media company known for their popular city guide, first opened in Lisbon in 2014. Today, it is one of Portugal’s most popular attractions with a record 3.6 million visitors in 2017.
Last year, Prague’s Na Příkopech Street was ranked in the top twenty most expensive shopping streets in the world, with an average monthly rental per square metre reaching almost six thousand crowns.
The launch of a new retail and office centre and the Time Out Market are likely to increase its value even further in the future.
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