HOCHTIEF and INTERBODEN JV sell 151 rental apartments for Düsseldorf's le flair quarter (DE)

The joint venture between HOCHTIEF Projektentwicklung and INTERBODEN Innovative Lebenswelten has sold the second construction phase of the Düsseldorf downtown residential quarter, le flair, with 151 rental apartments, around 1,000 m²of commercial space and an underground parking garage off-plan to an institutional investor. The apartments should be ready for occupancy at the end of 2013.


The sale includes 12,500 m² of residential space.

The second construction phase will see work starting on Lots 6/7 in the center of le flair: The plan foresees three buildings grouped around a central area, split into nine houses, one of which will be a ten-story "high-rise". Apart from residential space of around 12,500 m², commercial space of approximately 1,000 m²will be available on the ground floor. The shared underground parking garage will have space for a good 180 cars.

"Apartment buildings such as those in le flair—of a high standard and in unique locations—are still rare in Düsseldorf and are therefore highly desirable," remarks Rolf Müller, HTP Branch Manager at HOCHTIEF Solutions.

Detlef Bloch, an executive with INTERBODEN Innovative Lebenswelten adds: "Further arguments in le flair's favor include its integration into mature, downtown structures, a diverse mix of housing, and its location with newly-created parklands right outside the door."

The ensemble is part of the overall le flair project, a new 60 hectare residential quarter in Düsseldorf between Pempelfort and Derendorf. By 2015 a complete urban quarter with almost 900 residential units, some additional usage facilities, and underground parking garages in landscaped grounds will have been developed. Around 70% of the residential space is intended for rental real estate, while 30% is to be sold as part-owned condominiums.

The first phase of le flair will be completed this summer after two years of construction work. The 150 rental apartments on lots 2/3 should be ready for occupancy in early 2012. An institutional investor bought the 15 townhouses and nine apartment buildings off-plan. 112 condominiums, of which 107 have already been sold, were built on lots 4/5. The first of these were completed in December 2011 and the rest will be handed over step by step by fall 2012. Lot 1 is currently being planned, and will be home to the DreiEins office and commercial building. A further seven townhouses and 147 condominiums are to be constructed on lots 8/9, and marketing will begin at the end of January 2012.


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