New hotel and office building project in Stuttgart Pragsattel
On August 3, 2016, the JV comprising AVONIA Real Estate GmbH (Leinfelden-Echterdingen), MERKUR Development Holding GmbH (Rüsselsheim), and OSWA Planen und Bauen GmbH (Ingersheim) acquired the lot at Leitzstr. 52 in Stuttgart’s Pragsattel area. This JV, the Stuttgart Leitzstr. 52 GmbH, plans to put up a highrise hotel and office building with roughly 11,000 sqm of above-grade floor space. The NOVUM Hotel Group of Hamburg has also come on board as a solid partner to manage the hotel under its NOVUM Style Hotels brand.
The application for a building permit will be submitted within weeks. Covering an area of almost 3,000 sqm, the lot is ideally located to handle traffic, right next to the Mercedes Bank and the theater. The investment totals about 36 million euros, with completion planned for 2019. Marcus Hientzsch, CEO of MERKUR Development Holding GmbH clarified, “We are convinced that the mix of 2/3 hotel and 1/3 offices on this sized lot creates an attractive product”.
Over 200 hotel rooms will be spread across 12 floors of this highrise, offering unrivaled views of the adjoining Killesberg area and downtown Stuttgart. David Etmenan, CEO and owner of the NOVUM Hotel Group emphasized, “We were sure of this site right from the start, because of its closeness to the inner-city and accessible location”.
Marketing of the roughly 4,000 sqm of office space should begin by Q4/2016. The offices will be in a separate part of the building complex with six above-grade floors, each enclosing roughly 600 sqm of rental space. A two-level underground parking garage will hold 126 vehicles. Reimund Sigel, CEO of AVONIA Real Estate GmbH says, “In these times of increasing space shortages, we are really pleased to offer connected, modern office space in Stuttgart”.