Delta Immobilienentwicklung, the German division of Delta Development Group, has sealed a 'letter of intent' with the city of Rostock (WIRO) concerning the development of approximately 30.000 m² area at 'Holzhalbinsel Rostock city'. It involves the realization of approximately 7.000 m² of retail space, 3.000 m² of office space, 15.000 m² of residential, 12.000 m² for parking and an hotel of approximately 8.000 m².
This project, a component of a larger development area of approximately 83.000 m², is located at the Port of Rostock, at the core of the old monumental town. With this high quality waterside development the local municipality wishes to stimulate and revitalize this part of the town.
Delta intends to develop and maintain total control of the project itself and to deliver a turn-key development. Meanwhile negotiations are underway with several possible tenants and agencies. The realization start date for the project is expected to be towards the end of 2007 with an estimated construction time of approximately 1.5 years. The total investment value lies in the region of €75 million.
Source: Delta Immobilienentwicklung