Instone Real Estate has begun the construction works for the “City Prag – Wohnen im Theaterviertel” project in Stuttgart. It involves the development of 250 residential units in an inner-city location with a combined dwelling floor area of around 18,000m², around 2,400m² of commercial floor area (office) that may be parcelled out in a maximum of eight rental units, and a day nursery of five groups.
The development site is located in Stuttgart’s theatre district, directly behind Theaterhaus and Stuttgart Varieté. In addition to the newly constructed buildings, Instone invests in the public infrastructure by creating footpaths and cycle lanes to connect Pragsattel, Theaterhaus and Killesberg-Hohenpark. Ahead of the start of construction, the supplementary pension scheme for Bavarian municipalities, represented by the Bavarian Pension Fund (BVK) which is the largest public-sector pension group in Germany, acquired the 250 residential units, 24 of which are subject to rent control.
Christoph Geirhos, Head of Real Estate Investments in the Germany, Austria and Switzerland at BVK, said: “The City Prag project is helping the Pragsattel neighbourhood to evolve into an attractive mixed-use urban quarter that qualifies as a high-end location. The 250 rental flats planned range from studio apartments to spacious family flats, and therefore cover the entire spectrum of the local housing demand.”
Bianca Reinhardt Weith, the Head of Branch and in charge of Instone’s business in Baden-Wurttemberg, added: “The project is characterised by its close proximity to the theatre and its highly convenient access to public transportation. We are pleased to report that construction is now underway and scheduled to be completed by 2022.”