Construction undertakings in Berlin faced a standstill amidst the gridlock of unfinished projects
Berlin's real estate landscape is a dynamic mix of progress and pauses, as several key projects navigate through various stages.
Insolvency applications have been filed for 16 Berlin project companies of the "Project Immobilien Gruppe", affecting the "Elements" project. The Elements project, located in Michaelkirchstraße, will consist of up to nine floors, with 15,000 square meters for office spaces and studios, 5,000 square meters for apartments, and two floors for assisted living. However, the project has been at a standstill since last year, but movement has resumed, and it is expected to continue later this year.
Meanwhile, the "JAHO" project at the Jannowitz Bridge, which has been idle for over a year, is expected to resume construction this year. The JAHO project will include modern office spaces, a city square, several small park areas, and a 70-meter-high office tower. Construction preparations are being made for the awarding of building services for the next phase of construction.
The high-rise project "Molecules" in Treptow has been idle for many months, but work is expected to resume at the end of 2024. The Molecules project will be a residential and hotel development with about 39,000 square meters of above-ground floor space.
The "Femina Tanzpalast" project, originally a Signa project, has been sold to an Israeli investor Vivion for 64.5 million euros. The new ballroom will span over 1,000 square meters and two floors, with a ceiling height of ten meters. The project will house a mix of offices, gastronomy, culture, and event spaces, including a revived historic ballroom. The interior design of the ballroom, restaurant, and office lobby will be created by the design experts of David Collins Studio, if the new investor chooses to implement these plans exactly as they are.
However, not all news is positive. The Adler Group, the developer of the "Upside Berlin" project, is reportedly struggling with financial problems. The Upside Berlin project, formerly known as "Max and Moritz", is a high-rise residential project near the Uber Arena, with only base buildings completed and partially occupied. Isolated construction measures have been observed on the Upside Berlin construction site, but no official information has been received from the owners. No significant construction is taking place in the twin towers of the Upside Berlin project.
Lastly, the "FÜRST" project, a redevelopment and new construction project intended to replace the architectural drabness of the 1970s, is progressing well. Construction work on the FÜRST project is expected to be completed by the end of 2025 or early 2026.
These developments highlight the diverse and evolving nature of Berlin's real estate sector, with projects facing challenges, making progress, and starting anew.
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