Union Investment has launched the Wandsbek Market development, currently one of the largest privately financed transformation projects in Hamburg. A mixed-use quarter with a total area of over 45,000m2 is being developed in the centre of Wandsbek. The former Galeria Karstadt building from 1967 will be preserved, while the historic Karstadt building dating from 1922 will be refurbished. The new mixed-use quarter will include eateries, cultural venues, a private university and over 100 apartments. The project is set to be completed by the end of 2027 and Union Investment is investing triple-digit euro millions in the regeneration project.
“We are looking forward to transforming the area over the next few years with the support of all local political parties,” said Ronald Behrendt, project manager at Union Investment. “Closure of the Galeria store will not leave a gap in Wandsbek. Quite the opposite, in fact. The project is the right addition in this location and, as such, will help to restore the urban environment. Integration into the urban context and the opening up of the structure will enhance the area. We are confident that the new usage mix and high-quality user experience in the new quarter will have a positive impact on the surrounding environment.”
Image provided by Union Investment.
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