Construction partnership sought for Paloma Quarter: Join us for a collaborative property development venture in the Paloma Quarter
Housing Headache: The Elusive Paloma-Quarter Builders on the Reeperbahn
The construction plans for the Paloma-Quarter in Hamburg's bustling Reeperbahn district are hitting a snag: The city still hasn't found a suitable building cooperative for approximately 30 publicly funded apartments. The tender for the ex-Esso House area has been extended for a fourth time, according to Barbara Ketelhut, a spokesperson for the city's development authority, and now ends on July 5. Finding a suitable building cooperative is still the top priority, Ketelhut told our news site.
The ongoing search has been tough, as Hamburg's Finance Authority announced less than a month ago that the state-owned property management and land company (LIG) is considering buying the properties. "The city is continuing to work closely with the Mitte district office and the property owner to find solutions," Ketelhut added. The construction delay won't affect the overall project timeline, though, as a spokesperson for Bayerische Hausbau noted.
Why Won't Anyone Build the Paloma-Quarter?
Sixty percent of the around 200 new apartments will be publicly funded. Some of them will be constructed by a building cooperative. According to planning firm Planbude, high construction costs are the primary issue. Over the past four years, various ideas and concepts have been collected in the public planning office to shape the site. In addition, the purchase price for the property share for many cooperatives is too high. Their members would likely not qualify for public funding, which means they may not be eligible cooperatives.
The investor Bayerische Hausbau purchased the site near Spielbudenplatz over a decade ago, where Germany's most famous gas station once stood. Despite neighbor opposition and accusations of delaying necessary maintenance work, the Esso houses were demolished in 2014. The Paloma-Quarter project aims to create a development that balances the interests of the property owner with those of the locals. The project is expected to include a hotel, a neighborhood cluster with social projects, and more.
dag/dpa
Daniel Grodzki
Daniel Grodzki, born in 1994, has learned to rely on more than just his eyesight from an early age: He suffers from Retinitis pigmentosa, a degenerative condition. As a result, he developed an affinity for audio-visual technology and devices. Even when someone in his friend circle needs a new refrigerator, Daniel is their go-to guy. He makes music using various instruments and his voice in his home studio, where he records and produces his tracks. Since 2015, recording technology has been used for podcasting as well: In "#Reallife," Daniel talks with his school friend Flo about the trivialities of everyday life. His university studies focused on media and communication sciences, and he's abandoned his childhood dream of becoming a Pokémon Master. Nickname: dag
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- The high construction costs associated with the Paloma-Quarter project in Hamburg's Reeperbahn district, which includes real-estate development and housing-market investments, are causing a delay due to the exorbitant property share purchase prices for many building cooperatives, making them ineligible for public funding.
- Investing in the Paloma-Quarter, a future development project in Hamburg that includes a hotel, social projects, and more, could potentially yield significant returns, given the anticipated balance between the interests of the property owner and the locals, as well as the increasing demand for sustainable, urban housing solutions in the housing-market sector.
