ING Real Estate said on Wednesday that construction has started for its EUR 900 mln docklands transformation project in Hamburg. The groundbreaking ceremony was attended among others by Hamburg's mayor Ole von Beust, who laid a ceremonial first stone for the Überseequartier project. The mixed-use project will transform eight hectares of former docklands on the river Elbe into an extension of the Hamburg city centre, effectively reconnecting the city with the river. Completion of the project is scheduled for 2011. The project, whose investment is estimated at EUR 900 mln, will be developer by ING Real Estate, in partnership with SNS Property Finance and Gross & Partner.
ING Real Estate said on Wednesday that construction has started for its EUR 900 mln docklands transformation project in Hamburg. The groundbreaking ceremony was attended among others by Hamburg's mayor Ole von Beust, who laid a ceremonial first stone for the Überseequartier project. The mixed-use project will transform eight hectares of former docklands on the river Elbe into an extension of the Hamburg city centre, effectively reconnecting the city with the river. Completion of the project is scheduled for 2011. The project, whose investment is estimated at EUR 900 mln, will be developer by ING Real Estate, in partnership with SNS Property Finance and Gross & Partner.
The Überseequartier project involves the construction of 16 separate buildings, designed by a variety of architects including Erik van Egeraat Associated Architects, Rem Koolhaas' OMA, BDP and NPS. The project creates a combined floor space of 272,000 m2, including some 400 apartments, 124,000 m2 office space, 55,000 m2 retail space, 10,000 m2 restaurants and bars, a hotel, a cruise terminal, a science centre, an aquarium, 3,600 underground parking spaces. The new U4 metro line will give access to the Überseequartier.
Earlier this month, the Dutch property company celebrated the groundbreaking of another major regeneration project in Amsterdam, in a ceremony attended by the city councillor for spatial planning Maarten van Poelgeest. Here ING RE is transforming a 20 hectares industrial area, formerly housing Royal Dutch Shell research facilities, into a lively new neighbourhood effectively extending the Amsterdam city centre across the river. The Overhoeks project on the river IJ in Amsterdam will involve an investment of EUR 1.1 bn.
The project includes the construction of 2,200 residential units, 70,000 m2 office space, 34,000 m2 retail space, 26,500 m2 non-commercial space, the Filmmuseum (Museum for Cinematography), a park, the refurbishment of historic buildings and 5,200 parking spaces. Architects involved are Álvaro Siza, Tony Fretton, Francine Houben and Jo Coenen. Austrian architects Delugan and Meissl designed the new Filmmuseum. Royal Dutch Shell is building a new Shell Technology Centre adjacent to the project area. Completion of Overhoeks is scheduled for 2015. Partners in the project are housing corporation IJmere, residential fund Vesteda, Royal Dutch Shell and the City of Amsterdam.
Menno Maas, CEO ING Real Estate Development said: 'I am very proud of these two important projects. Both are showcases of area redevelopment which aim to rejuvenate cities by injecting new life into decayed areas. In future, 'transformations' of this kind will play an increasingly large role in real estate development in Europe. I am happy that ING Real Estate, together with its partners, is demonstrating its capabilities in this field in Hamburg and Amsterdam.'
