Zweibrückenstraße, Hamburg | Beginning of Construction 2021 | 21,055 m²
Elbtower in Hamburg’s HafenCity, partially completed 100 m shell. Planned mixed-use with offices, retail, hotel, and wellness; construction halted.
Chronicles of this site
Planned by David Chipperfield, the Elbtower was imagined as a mixed-use high rise with 64 floors combining a public, multi-purpose base with retail and restaurants, a hotel and wellness areas and flexibly designed office spaces in the tower floors. Once imagined to complement the Hafencity in Hamburg on the Elbe bridges, only around 100 of the originally planned 245 meters high have been completed. After Signa’s bankruptcy the construction has now been finally halted. However recently the Elbtower caught public attention again, when a report showed that the structure – built on coastal ground – is sinking, causing a greater impact on Deutsche Bahn’s facilities than expected.
The SIGNA-Deal
Signa submitted the building application in December 2020 and planned to invest €700 Mio. They quickly acquired a pre-letting rate of over 40% and confirmed the hotel operator with the international lifestyle brand Nobu Hospitality in 2022. Among others the Hamburg Commercial Bank (HCOB), Aon Germany and International Workplace Group (IWG) were looking forward to moving into the new office spaces and signed leases for over 20.000 square meters. Furthermore Madison International Reality and Commerz Real acquired stakes in Signa Real Estate’s promising Elbtower high rise development. However, since the construction freeze many withdrew from their lease agreements. Right now Hamburg is considering the already provided construction work and is looking internationally for a new investor for this landmark-project with uncertain futures.
Why should you own this piece?
Chipperfield once stated his delight for the responsibility to plan a new landmark in Hamburg. He aimed to create an appealing place that unites Hamburg’s citizens, while meeting the highest sustainability standards.
Now that the construction is stopped this asset presents the unique opportunity to invest into a speculative wonder whose future is jet to be determined. With Signa continuing to be at the heart of discourse for years to go by and the recent discoveries of the building sinking into the mud, much public attention for this asset can be expected.
*By owning this NFT, you are entitled to 0.000001% of the associated property. This NFT does not represent legal ownership of real estate or securities, but rather a digital collectible tied to the project’s vision.