The zoning plan for the long-neglected Port Praski (Praga Port) river port neighborhood of Warsaw’s Praga Północ district, has been completed by Warsaw City Hall, and is expected to be voted on in the near future. If approved, the redevelopment of the area, which will be situated next to the planned Stadion subway station, will include four skyscrapers with heights of 100m, 120m, 140m and 160m respectively, a move which is set to completely transform the Praga skyline.
In addition, residential units will be built on the waterfront. A park and recreational area will be built in the southern part of the 38-hectare plot.
In terms of the potential profitability of the project, Mikolaj Martynuska, a director at CB Richard Ellis Polska, believes it will be a success.
“I am convinced this project may be a commercial success if it is planned and targeted properly. Assuming that the project will be structured in the right manner, I have no doubt it will be profitable for the developer. The only question is the time line of the potential return,” he said.
But with regard to the skyscrapers, which form a central part of the proposed development, Mr Martynuska believes this will be a more long-term project in terms of seeing return. “In this sense, proper phasing of the whole development is one of the key issues which will finally build value of the entire project,” he said.
The development plan can currently be viewed up to November 8, 2011, on the 19th floor of the Palace of Culture and Science from 8 am to 4 pm, Monday to Friday.
Port Praski was built during the interwar period to serve as a reloading dock and winter port. The facility comprised three port basins and several buildings and was closed in 1963 when its functions were taken over by another of the capital’s ports – Port Żerań.
Most of the land covered by the newly drafted zoning plan is owned by Elektrim’s subsidiary Port Praski.
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