'Hamburg is transforming into lively metropolis'

A new spirit of cooperation between politicians and the business community is helping transform the city of Hamburg into a lively new metropolis, according to Alexander Otto, ceo of Hamburg-based project developer ECE. 'There was a lot of mistrust in the past, but a lot has happened in recent years and the thinking has changed,' he said at the ULI Trends Conference in Hamburg on Wednesday. 'As a result, the perception of Hamburg has changed.'

The new Elbe Philharmonic concert hall is a symbol of this new spirit of cooperation, Otto added. 'This is being largely financed by the private sector. This type of project is very important for the city's image. In 10 to 15 years, this building will be as well known as the Sydney Opera House.'

Political intervention is a key success factor for major regeneration projects, confirmed Leon Bressler of Perela Wienberg Partners. 'A holistic approach is a key target to maintain diversity. A market approach is not enough.'

Hamburg is currently undergoing a major regeneration project aimed at connecting the old city with the former industrial waterfront area. The project has a surface area of some 155 hectares which will be developed over a period of 20 years. The local goverment is spending some EUR 1.3 bn on planning and public amenities including an underground railway connection.