Swedish construction company Skanska has invested approximately Kč1bn ($44.99m) to support the Phase II of the Modransky cukrovar residential development in Prague, the Czech Republic.

This phase will involve construction of 126 apartments and six commercial units, with a focus on low impact living and sustainability.

The Modransky cukrovar project will involve integration of high energy efficiency, recycled materials as well as blue, green, and grey infrastructure.

Through these sustainability efforts, the project aims to achieve rating under the Building Research Establishment Environmental Assessment Method (BREEAM) environmental assessment method.

A new central square, linear park, pedestrian zone, and revitalised Vltava river embankment are set to become some of the dominant features of this project.

Various artistic installations from Czech sculptors, collected via the Art.Cukrovar open competition, will also be placed in the park.

The comprehensive project, which will eventually comprise over 800 housing units, is being executed in six stages.

Construction of the Phase II is expected to complete by the end of 2025.

The initial phase of Modransky cukrovar residential project started in June last year, with an investment of around $41.20m from Skanska.

In a parallel development, Skanska has secured a contract for renovating the War Memorial Building in Nashville, Tennessee, US.

Awarded by the State of Tennessee, this contract has an estimated value of $81m.

The company has booked this order under the fourth quarter of 2023.

As part of the contract, Skanska will renovate both the exterior and interior of the historic building, which was established as a tribute to Tennessee soldiers who died in the World War I.

This War Memorial Building is also a recognised site on the National Register of Historic Places.

Skanska said it will commence its part of renovation work in February next year, with completion expected in the first quarter of 2026.