German residential developer Instone Real Estate has acquired an inner-city conversion site in Waiblingen to build a 240-apartment residential neighbourhood.
Instone said it has bought the former workshop and office site from Diakonie Stetten with plans to deliver approximately 15,000sqm of living space near Stuttgart, including at least 20% publicly subsidised housing.
Financial details were not disclosed.
Chris Haller, head of the Baden-Württemberg branch at Instone, said: “Conversion sites such as this one offer considerable potential to create urgently needed housing where the infrastructure already exists.
“Together with the city, we want to develop a quarter that meets a range of housing needs and integrates harmoniously into the existing surroundings. Our aim is a sustainable neighbourhood development that delivers affordable housing and genuine added value for the location.”
Lord mayor Sebastian Wolf of Waiblingen, said: “Developing this centrally located, inner-city site on Oppenländerstraße offers the chance to create urgently needed housing while also advancing the area in urban-design terms.
“The constructive and trusting cooperation with Instone provides a sound basis for this, allowing us to take the project forward together, swiftly and to a high standard.”
Dietmar Prexl, chair of the management board of Diakonie Stetten, said: “We are pleased that the site can now be put to a new use and that an attractive residential quarter providing urgently needed housing will be created at this central location in Waiblingen.
“At the same time, with the Campus Hermann-Hess-Straße in the Ameisenbühl business park, we have already established a modern, inclusive replacement site for the former Remstal Werkstätten in Oppenländerstraße. We wish the project every success and look forward to a lively quarter that will enrich life in Waiblingen for the long term.”
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