Urban development - Hamburg passes the Elbtower at a height of 245 meters
The city of Hamburg is building the Elbtower in Hafencity up to the previously planned height of 245 meters during its construction. The city was involved in the ongoing sales process on behalf of the insolvency administrator to ensure in the tender documents that a new buyer takes over the obligations of the previous owner, a spokesperson for the city development office told the "Hamburger Abendblatt" (Saturday). "These obligations include the height, as well as the observation platform and publicly accessible uses in the ground floor of the Elbtower."
The Elbtower was supposed to be the third tallest building in Germany according to the original plans, with 64 floors and a height of 245 meters. It was supposed to be completed in 2025 and cost around 950 million Euro.
At the end of October last year, the commissioned construction company halted work at a height of 100 meters due to unpaid bills from the Signa Group, the Austrian real estate company of real estate entrepreneur René Benko. The Elbtower Immobilien GmbH & Co. KG filed for insolvency in January. It is a subsidiary of the also insolvent Signa Prime Selection AG.
So far, offices, shops, galleries, cafes, restaurants, a fitness studio, and a publicly accessible observation platform on the 55th floor, as well as a hotel, were supposed to be located in the tower.
Since the bankruptcy, there have already been several more or less serious plans for the future of the building. They ranged from demolition to using it as a refugee shelter to a place for luxury apartments. Most recently, a project developer had proposed leaving the building as it is and putting a large globe on top of it.
Insolvency administrator Torsten Martini assumes that his job will be completed by the end of the year. "The purchase contracts should be signed by the autumn. The sales process should then be completed by the end of the year," he told the newspaper. So far, he has roughly a handful of purchase offers from both in and outside of Germany.
The urban development in Hamburg includes the revival of the Elbtower project, which faced insolvency due to financial issues with the previous owner. The finances of the construction were a significant concern, leading to a halt in construction at 100 meters in October. Despite the setbacks, the city is ensuring that the new buyer takes over the original obligations, including the height and public uses, as stipulated in the tender documents. The Hamburg Harbor City is still expected to be home to the completed Elbtower, once the financial issues are resolved.
