Building Permit for an Office and Hotel Project in the Stuttgart Pragsattel Area
AVONIA Real Estate, MERKUR Development Holding, and OSWA Planen und Bauen have received a permit to commence construction of their joint office and hotel complex in Leitzstr. 50-52, Stuttgart. Marcus Hientzsch, CEO of MERKUR remarked, “We are pleased about breaking ground after a lengthy design and approval process.”
Colliers International Stuttgart has been engaged to soon begin leasing this office space, situated adjacent to the Mercedes Bank and Theaterhaus.
A Joint Venture of the three parties acquired this almost 3,000 sqm site in 2016. The plan approves construction of a high-rise hotel with 182 double rooms in Leitzstr. 50, plus offices with roughly 3,400 sqm of leasing space in Leitzstr. 52.
The offices will be in a separate part of the complex of six above-grade floors, each enclosing about 600 sqm of leasing space, which can be split into two leasing zones per floor. A two-level underground parking garage under both parts of the complex will hold 89 vehicles. The entire project consists of approximately 16,000 sqm Gross floor area including the underground garage. Reimund Sigel, CEO of AVONIA says, “We see continuing demand for attractive office space in Stuttgart. Our project will help fill the gap for urgently needed space in this market.”
Demolition of current buildings on the site began a few weeks ago. Groundbreaking can thus begin as soon as we hand this site over to the prime contractor, Baresel, with completion slated for Q3 of 2010.
For the hotel with ten above-grade floors, a long-term lease was executed early on with NOVUM Hospitality of Hamburg, which will operate it under its niu brand as the niu Form Hotel.