As planned, formart GmbH & Co. KG, one of Germany’s leading residential real estate developers, has started construction of its project “The Mile!” at Chausseestrasse 37 in Berlin-Mitte.
The company will build 271 residential units, comprising a mix of highly-compact studios with areas starting at around 34 m², efficient apartment solutions, penthouse apartments of approximately 150 m², and duplex concepts. A further 7,300 m² will be earmarked for office and commercial space, and for car and bicycle parking.
“Following our successfully completed project ‘Chausseestrasse 121’, ‘The Mile!’ is a further highlight in the heart of Berlin and one of the biggest developments in the capital at the moment, with an investment volume of some €90 mln,” explains Benjamin Röhrborn, Manager of the formart Berlin-Brandenburg branch. “The Mile!” will close a further gap on the central axis between the two Berlin districts of Mitte and Wedding. “Completion of the four residential blocks is scheduled for fall 2016. A good 50% of the apartments have already been sold for an average price of €4,400 per/ m²,” Röhrborn says.
According to a market study by Bulwiengesa, Berlin-Mitte is one of the capital’s most dynamic locations. Apart from “The Mile!” project, there are currently 24 projects with over 1,600 residential units either in planning or under construction.