The Rebirth of Prague's Vltava River

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For weeks afterward, neighborhoods along the river were no-go areas, blacked out and guarded from looters by police and soldiers.

Sprawling Stromovka park, usually full of joggers and families, was under several meters of water.

From that destruction, however, came a rebirth and a commitment by the city to protect its riverside areas – a project to be completed by the end of this year. The city estimates that the final price tag will top 3 billion crowns (120 million euros).

In the Karlin district, once home to factories and cheap workers' housing, old buildings have been renovated since the floods into offices and multi-use spaces. The Karlin theater, a large hall for musicals and operettas, was modernized after the 2002 flood, and about five years ago the city finished a flood barrier on the nearby riverbank. The system uses a combination of fixed walls and embankments as well as mobile walls.

These improvements, along with rising prosperity, have encouraged developers to take the riverside areas seriously once again, especially the heavily flood-damaged districts of Karlin, Liben, and Holesovice.

Among major projects planned or under way are the 340-apartment Prague Marina, developed by the Lighthouse Group, a German, Polish, Israeli, and Czech consortium; from 150 to 200 apartments, along with shops and offices, on Rohansky Island, to be developed by the Prague-based Sekyra Group; and The Dock, which is being developed by Crestyl, a group of U.S., Czech, and U.K. investors.

Benes, from the planning office, said the value of riverside land shot upward as most of the flood barriers were completed between 2002 and 2005. "Also, you can barely find an area of similar size and infrastructure amenities in Prague anymore."

DREDGING UP THE PAST

Radim Sayed, project manager for The Dock, agrees. "We believe it's one of the few beautiful places left in Prague where construction on such a large scale is possible. The river makes it a very attractive area and it's close to the center," he said. "However, we only chose to build here because the flood protection had been finished."

Sayed's project will include about 350 flats, along with offices, shops, and restaurants on a tributary of the Vltava; Crestyl expects to sink about 7.5 billion crowns into the development.

Sales have been slow, but Sayed attributes that to potential buyers' reluctance during the downturn to pre-pay for flats, something hundreds of people – residents and foreign investors alike – were willing to do a few years ago in Prague.

The builders also must deal with the river's industrial heritage. "Because there used to be heavily active docks for decades here, we're expecting lots of scrap and probably also hazardous chemicals on the bottom of the river," Sayed said, noting that the mud on the riverbed will have to be dredged.

Not all locals are convinced.

"I come to the riverside regularly to relax and like it very much, but I wouldn't want to live right by the water," said Martina Brzkova, a Liben resident whose house, though not near the river, was flooded in 2002.

Likewise, Jindrich, an elderly former engineer, said, "I wonder what sort of happiness the rich people are expecting. It stinks here. The part of the Vltava in Prague is a hideous river full of rubbish and there are loads of rats here."

To help alleviate the smell, Crestyl plans to dig a channel to keep water flowing in the tributary.

Sayed is banking that plenty of affluent people will disagree with Jindrich and Brzkova. He said most of his clients so far are professionals or executives. Flats in the docks sell for 80,000 to 85,000 crowns (3,200 to 3,400 euros) per square meter, compared with 50,000 to 60,000 crowns per square meter for a new flat in an area away from the water.

"The majority of our neighbors are well-off, aged between 30 and 50," said Vojak, who lives in the Prague Marina complex, across the river from where The Dock will be. "It's simply beautiful, what more can I say?"

Provided by Transitions Online—Intelligent Eastern Europe

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