HOCHTIEF, Kondor Wessels JV to Begin Construction on Major Residential Development in Berlin
- May 16, 2014
Berlin, Germany—HOCHTIEF Projektentwicklung, a subsidiary of the HOCHTIEF Group, has partnered with Kondor Wessels for the construction of CEDELIA, an approximately 280-unit residential development in Berlin-Zehlendorf.
Plans call for seven mid-rise apartment and condominium buildings, six town villas, three detached houses with garden areas and a mixed-use building with both residential and commercial space. Each with a separate penthouse level, the three to four-story buildings will offer two to five-room apartments ranging in size from about 750 to more than 2,000 square feet.
Construction on the project, which will include a total leasable area of more than 290,000 square feet, is expected to begin this month and be complete in 2017.
An institutional investor has acquired five of the apartment buildings offering about 113,000 square feet of rental living space. Also, more than half of the project’s 134 condominiums have already been sold.
The new development will spread across a parcel of 345,000 square feet on Dahlemer Weg, the former site of the Steuben Barracks. Upon completion, CEDELIA will also feature quiet plazas and outdoor activity areas, along with 210 underground and 135 above-ground parking spaces.
Regarded as Germany’s leading city core developer, HOCHTIEF Projektentwicklung has been developing and marketing real estate projects on a national and international level since 1991. The company focuses on developing office buildings in downtown locations and areas that offer easy access to the center of a city. It also develops residential and retail properties, as well as entire urban quarters. Operating as an “interim investor,” HOCHTIEF Projektentwicklung aims to sell its projects to a final investor as swiftly as possible. Sustainable concepts, prime locations, sophisticated architecture and innovative technology are among the company’s development principles.
An owner-run, medium-sized company, Kondor Wessels provides project planning, project development, construction and consulting services. With a German-Dutch corporate culture, a team-oriented philosophy and 300 employees, the company has been successfully active in the German real estate market for about 20 years.