A decision on the future of the former Cracovia Hotel has been delayed until the end of next month – with the owners of the building citing the need for “additional, in-depth analysis” due to an “especially complicated” development market.
Echo Investment took over the hotel building from Orbis in July last year, and was due to publish plans for its new use early in December 2011. The deal between the companies specified that the building could not be used as a hotel – leaving Echo with a chunk of prime city centre real estate but no direct plan as to what to do with it.
The situation has been further complicated by a drive to have the building added to Krakow’s list of protected sites, due to its architectural merit. This made it difficult for Echo to decide on a route that would see the building completely demolished and replaced with something new. Other suggested options include renovation and conversion of the building, or working with the city of Krakow on a joint project that would include the construction of a new, underground car park, which is planned for near the main building of the National Museum.
Krakow-based architects, including the man who designed the Cracovia building, Professor Witold Cęckiewicz, now have until the end of March to complete their plans.
A statement from Echo read: “The first stage has not yet been closed, and thus, the vision of the ultimate nature of the investment has not yet been clarified.”
“In deciding whether to extend the deadline into the next quarter, the especially complicated market situation has been taken into account. This situation requires additional, in-depth analysis that will take far more time than originally expected.”
Echo’s statement added that the new deadline would “better help to achieve the primary goal of the best management of this important location for the residents of Krakow.”
The company’s other projects in the city to date have included the Dom pod Slowikiem housing complex, an office complex at the junction of ul. Opolska and ul. Listopada 29, and several hotel projects.