Mitte Altona, Hamburg's second-largest development underway (DE)
Wednesday, 11 January 2017
[REP: Europe Real Estate] Construction work on a total of 1,600 apartments is well underway at the “Mitte Altona” lot, Hamburg’s second-largest urban development project. On this project—known as “AltOh!na - meine Mitte” by Formart GmbH & Co. KG will build 283 condominiums. Yesterday the company celebrated the topping-out of the first construction phase, of 115 residential units, together with Professor Jörn Walter, Chief Planning Director of the Free and Hanseatic City of Hamburg. Completion of the first two to five-room apartments is scheduled for Q1 2018. Directly adjacent, two further formart lots are under construction.
“We are delighted that the new urban quarter is rapidly taking shape and that attractive residential space will soon be available here. In keeping with the aims of the ‘Hamburg Housing Alliance’, the diverse range of accommodation embraces social housing, as well as rental and condominium apartments,” says Professor Jörn Walter, Chief Planning Director of the Free and Hanseatic City of Hamburg.
The lot—formerly a freight railway station—will also be home to a child day care center, a district school, small commercial units and a spacious parking facility. “The ‘Mitte Altona’ offers an integrated urban quarter concept that combines housing, working, recreation and modern structures,” comments Carsten Sellschopf, formart COO, adding: “That plays an important role today when looking for a home, and it is in huge demand both with owner-occupiers and investors. The first construction phase has already been completely sold.”
In total, only around 17% of the 283 apartments are still for sale, with prices starting at €233,000.