Prague deputies greenlighted re-development plans for the area surrounding the Smíchov railway station on Thursday, approving a change to the master plan proposed by the project’s developer, Sekyra Group. Leoš Anderle, the development director at Sekyra Group, told Hospodářské noviny, that the company will launch an architectural contest for the first phase of the re-development of the 21 ha brownfield. Anderle added, however, that it will still take another two and half years before construction begins on Smíchov City.

The developer plans to build a mix of offices, flats and shops in the area bordered by Ostrovského, Nádražní, Dobříšská and Radlická streets. The new neighborhood will have its own square, central park, pedestrian zone and a new bus terminal. Sekyra originally expected costs would be between CZK 12bn to CZK 15bn, but Anderle now says the figure should be 20 percent lower because of drop in construction prices.