Bay 55: Prague’s priciest residential project on the Smíchov riverbank

Diana James, a manager at the development company Daramis responsible for new business opportunities, has talked about the company’s flagship project: the Bay 55 residential complex on the Smíchov embankment. By Daramis’s estimate, it will be the most expensive project of its kind in Prague, costing between three and four billion crowns.

When the team first saw the site right on the Vltava, it captivated them at once: such a place is almost impossible to find, and for the project they had in mind, nothing less would do. James puts the brief to the architects and designers simply: “Take inspiration from around the world. Your task is to create the best project in the city.”

What we know about the project

• 114 residences on the Smíchov embankment, with construction due for completion in 2030; building work has already begun.
• The architectural design was developed by Schindler Seko architekti, and the interiors by Kristina Zanič Consultants, a studio specialising in luxury residences and hotels.
• The complex will fill an unsightly vacant lot on the site of the former shipyards at the end of the Smíchov embankment: the promenade at Hořejší nábřeží will extend to the railway bridge. Renovation of the neighbouring public park is also planned.
• It includes wellness and fitness studios, a residents’ lounge and other services.

James stresses that Daramis wants to create a place of attraction not only for future residents but also for locals. “Prague’s embankments have a unique charm, and we want to continue it and add the last piece of the mosaic,” she says.

What real luxury is

According to James, the word luxury is often used for things that are only slightly better than average. “Real luxury is when the staff know your habits and, for example, prepare a bottle of water for your morning run. When someone parks your car for you,” she explains. Czech clients, James is convinced, are already ready for this level: they want not just a home with every detail thought through, but in essence a whole house with a high level of service. That does not necessarily mean astronomical prices: “A smart developer can offer services and elements that create added value without inflating residents’ monthly costs to unacceptable heights.”

Daramis’s experience

The company has been on the market since 2000 and has completed more than 25 projects that changed the face of Prague. Many of them are on the water: River Lofts in Holešovice, Marina Islands and Prague Marina Nova. According to James, all of them strive to be the best in their price category and to make the most of the unique features of the site. Building on embankments is more expensive, especially in Prague: top-level flood protection is a serious cost, but water views are always associated with exclusive housing, so Daramis regards these costs as a natural part of the project.

Over its history Daramis has brought to market more than 4,300 apartments for over 7,500 residents. James says that within six months the company will become the developer with the largest number of available apartments on the Prague market. “An extremely exciting period,” she says.