Cost of the Holsten region for the city
Hamburg's Right of First Refusal on Holsten Site Under Scrutiny
Hamburg, the vibrant city in northern Germany, is currently grappling with a significant decision regarding the former Holsten site in Altona. The city holds a right of first refusal to purchase the land, and there are growing calls from heritage and environmental groups to exercise this option [1].
The petition, spearheaded by the initiative "Knallt am dollsten" and the monument society, is urging the city to send a clear message to speculators that they are no longer welcome. The groups believe that the acquisition of the former Holsten site would be in line with the city's land policy and would send a message to speculators [1].
The Adler Group, the current owners of the site, have been in financial difficulties for years, unable to implement the project for the former Holsten site. The site has been idle for five years, and it has been a speculation object since the sale in 2016 [1].
The Carlsberg Brewery sold the property of the former Holsten site in 2016, and since then, all buildings on the 86,000 square meter site were demolished. The Adler Group, reportedly, may have been speculating on higher profits from a later sale of the former Holsten site [1].
However, Saga and Quantum Immobilien AG have recently received "exclusivity for purchase" of the former Holsten site from the Adler Group. This development has sparked renewed interest and urgency for Hamburg to decide on exercising its right of first refusal [1].
Finance Senator Dressel has expressed his satisfaction at the Holsten project moving again, stating that exercising a municipal right of first refusal is a last resort. Rolf Bosse, chairman of the Hamburg Tenants' Association, has criticized the Adler Group for potentially taking the significant increase in the market value of the property as profit through a sale at market price [1].
The groups advocating for the city's intervention in the sale of the former Holsten site are not only concerned about the financial aspects. They also emphasize the importance of preserving historically significant buildings on the site and prioritizing the creation of a lively and affordable neighborhood in an eco-friendly manner [1].
The city of Hamburg is considering building apartments on the former Holsten site, but no confirmed final acquisition by the city has been reported in the latest news. The public debate and petitions call strongly for the city to use its legal option to buy the site and shape its development in favor of historical preservation and affordable housing [1].
[1] Source: Local news reports and petitions.
"Given the financial difficulties faced by the Adler Group and the potential speculation on the former Holsten site, it would be prudent for those advocating preservation to consider the role of investing in real-estate developments that prioritize historical preservation and affordable housing. Moreover, as Hamburg grapples with the decision to exercise its right of first refusal, the city could explore investing in such projects to send a clear message to speculators."
