Several years later than had been anticipated, European Property Development has finally begun construction of Palladium, which is certain to become the primary downtown shopping center. Located on n&m. Republiky on an almost impossibly large plot of land (13,000 sqm), the multifunctional center will be constructed by Strabag, including 140,000 sqm of total area and 900 parking spots. The contractor's job will be complicated by the center's central location, the sensitivity to dust and noise, and the necessity of saving the remains of a Romanesque wall, the army barracks and a riding hall. Strabag will be leading a team of 100 sub-contractors. "The remains of the Romanesque walls will have to be cut apart, taken out and stored in order to allow us to dig a 28 meter deep pit. Then we'll have to bring it all back, and 're-install' and present it, all of which is expensive," said Milan Jendrusak of Strabag. "The riding hall is also a problem, as we have to save it, while building parking 27 meters beneath it."_x000D_ While these sorts of historical elements are nothing more than an expensive annoyance for any contractor, for one of the anchor tenants, Marks Spencer, it's a bonus. "Archaeological digs bring a symbolic bringing together of old and new and they'll give the center a specific character," said its chairman for the Czech Republic DuSan Mrozek._x000D_ The center, which will have a direct connection to the metro, will offer 115,000 sqm of useable area, of which 40,000 sqm will go to a five story retail center. In all, more than 200 shops and catering units will be built. Jonathan Hallett of Cushman Wakefield Healey Baker says that 70 percent of them have already been leased. On the upper three levels, there will be 19,500 sqm of glassed in offices with terraces. The KC 7.5 billion project is being financed with a typical combination of equity and loans, 75 percent of the costs having been promised by HVB CR. The developer will be taking part in the changes to its surroundings as n&m. Republiky is to be transformed into the city's newest pedestrian zone (with nothing but trams running through it). "It's called a square only out of habit, but in reality it's a major traffic artery that everyone has to cross on the way to Kotva or to the Old Town," said Deputy Mayor Jan Burgermeister. "The changes will have an impact on the way Porici street is used and on the area around Masaryk station."