AM has made a lot of progress in the negotiations for a new mixed-use project in Germany. It concerns the inner city development Forum Duisburg in the homonymous city with an investment value of â⬠150 mln. AM Germany is at present in negotiations with the involved parties ââ¬" the city of Duisburg, the department store Karstadt and the steel company Später ââ¬" regarding the definite conditions for the plan.
According to Axel Funke, Director AM Germany, the intentions are that the negotiations for the plan and the preparing decisions will be rounded up at the end of 2004 so building can start early 2005. AM presented the plans of Forum Duisburg at Expo Real in Munich earlier this month. Forum Duisburg consists of 45.000 mò shopping space, 5.000 mò fitness space and cafes/restaurants and 10.000 mò office space. Funke: ââ¬ËIt is an inner city development on space where at present a Karstadt-store and an office of Später are situated. The rest of the ground consist of a park and is bordered by the Tonhallenstrasse, the Königstrasse and the Claubystrasse. A historic building also has to be integrated in the plans. Next to the site is already an underground parking garage with space for 1500 cars and on the other side of the plan are another 600 parking spaces. The entrance of the project will also give way for a subway station so the accessibility for the public is optimal. The plan will be completely integrated in the existing structure of the city.ââ¬Ë
Funke doesnââ¬â¢t foresee any problems with finding tenants for the shopping space. ââ¬ËWe will have competition from another project in Duisburg, but our plans are well ahead in time and I think we will be able to start earlier. Forum Duisburg is also situated close to the main shopping street, which is very attractive for new retailers. Also the office market is doing quite well in Duisburg and Später will be able to keep its headquarters.ââ¬â¢ AM has not bought any ground yet but does have options. The three parties involved will bring in their positions as soon as the plans finalized.
