The urban quarter in Stuttgart's new Europaviertel is starting to take shape: together with Stuttgart's Mayor Dr. Wolfgang Schuster and other city representatives, project partners ECE, STRABAG Real Estate, Bayerische Hausbau, and Hamburg Trust laid the symbolic cornerstone for one of the most important urban development projects in Germany, the 'Milaneo' in Stuttgart.
The Milaneo will combine retail stores, restaurants, offices, a hotel and residential properties in a unique way.
Located in the heart of the capital of the state of Baden-Württemberg, the Milaneo will combine retail stores, restaurants, offices, a hotel and residential properties in a unique way. In July of this year construction began in the new Europaviertel district, where the new shopping mall with approximately 200 stores on three levels is scheduled to open in spring 2015.
The entire Milaneo quarter is scheduled for completion by summer 2015 and a total investment of more than 550 million. The complex project is being realized by the partners ECE, STRABAG Real Estate and Bayerische Hausbau. The equity capital partner is Hamburg Trust owning an approximately 78% share in the shopping mall (including underground car park).
Alexander Otto, CEO at ECE, said: "The Milaneo gives Stuttgart a vibrant and creative new city quarter that will be an enormous draw and will represent quality urban planning. I am proud that we and our partners are able to realize such a complex project that combines living, working, accommodation, and shopping."
Thomas Hohwieler, CEO at STRABAG Real Estate GmbH, added: "To realize a project of this magnitude on a privately financed basis is something special for us and our project partners and certainly for the city of Stuttgart as well. We are very pleased to make this significant contribution to the further development of the Europaviertel."
Dr. Jürgen Büllesbach, Chairman and CEO at Bayerische Hausbau, said: "With the Milaneo, we are creating something entirely new, and in doing so are taking some unconventional routes together. A horizontally stratified center, in which the different usage types are layered on top of one another, is unique on this scale in Germany.
"With residential housing as well as hotel and office space above the sales area, we are developing a space that would otherwise have gone unused. This generates flair and liveliness unlike a mono-structured bedroom and business district. The Milaneo will create a small city within a city and with it a number of synergies among the different areas of use."
Dirk Hasselbring, CEO at Hamburg Trust, continued by saying: "We are continuing our successful cooperation with ECE in Stuttgart. The high purchasing power, large catchment area, and comparatively low competition in the regional capital translate into promising growth prospects for the center. But our investors will be impressed above all by ECE's excellent performance record."
Dr. Wolfgang Schuster, Mayor of Stuttgart, said: "Private developers are currently investing more than one billion euros in Stuttgart. Relative to the population, that is a top