The completion of the Elbtower construction project in Hamburg is set to be handled by contractor Dieter Becken.

Following the financial downfall of the Benko real estate group, numerous building projects across the nation have come to a halt, including the Elbtower in Hamburg. The future remains uncertain, but there might be some good news on the horizon. A local construction company is interested in completing the prestigious project.

After a year and a half of inactivity, a feasible solution for the continuation of the construction of the Hamburg Elbtower appears to be on the horizon. The involvement of Hamburg property tycoon Dieter Becken is being considered, but there's still some discussion to be had. The project came to a halt after the collapse of the Benko real estate group.

Insolvency administrator Torsten Martini has now reached an exclusive agreement with Becken Development; the company is part of a holding controlled by real estate tycoon Becken. This means that the insolvency administrator will only negotiate the sale of the Elbtower with Becken Development, as announced by the insolvency administrator's law firm and Becken Holding.

Martini expressed his satisfaction with the agreement. "I'm pleased that exclusivity has been agreed, and I'm optimistic that we will finalize the sale with the investment group around Dieter Becken." Previously, several bidders were rumored to be vying for the Elbtower. Interest was also reportedly shown by the Hamburg participation company Prio Holding and the Turkish construction company Enka.

Money was the problem initially, then the magnificent structure fell silent

The Elbtower was originally a project of René Benko's Signa Prime Selection AG, an Austrian construction firm. It was planned to be completed in 2025, with an estimated cost of 950 million euros. In late October 2023, construction halted at 100 meters due to unpaid invoices by the construction company Adolf Lupp from Hesse.

In January, Elbtower Immobilien GmbH & Co. KG, the owner of the Elbtower plot, filed for insolvency. The project company was a subsidiary of the also insolvent Signa Prime Selection AG.

According to the original plans, the Elbtower, with over 60 floors and a height of 245 meters, was set to become the third tallest building in Germany - after the Commerzbank Tower and the Messeturm in Frankfurt. The building was designed by the office of renowned British architect David Chipperfield.

Offices, shops, galleries, cafés, restaurants, a fitness studio, and a publicly accessible observation platform on the 55th floor were supposed to be housed in the Elbtower. Nobu Hotels, co-founded by actor Robert De Niro, were set to occupy several floors of the Elbtower.

Becken is eager to complete the Elbtower within three years

Becken told "Handelsblatt" that he aims to complete the construction in three years, with a maximum of four years before the final tenants move in.

The Hamburg Senate has signaled its approval of Becken's proposal to house a natural history museum of the Leibniz community in the lower floors of the high-rise. Furthermore, Hamburg's First Mayor Peter Tschentscher praised the fact that the Elbtower is being completed entirely through private investment.

Becken Development, a real estate and investment company, is headquartered in Hamburg and has offices in several German cities. In Hamburg, the company has completed several projects, including the police headquarters and the large office building "Berliner Bogen".

Despite the financial struggles and halts in construction, there's renewed interest in completing the Elbtower. Insolvency administrator Torsten Martini has reached an agreement with Becken Development for the exclusive sale of the plot.

The economy of the construction industry in Hamburg is expected to see significant revival with the potential completion of the Elbtower, originally planned as a 60-floor, 245-meter tall structure with various amenities and tenants.