Construction start for NEO office and hotel tower in Munich by CA Immo
CA Immo has received a construction permit from the City of Munich for the NEO office, hotel and residential complex, with 21,000 m² of gross floor space in the Baumkirchen Mitte quarter in Munich’s Berg am Laim district. CA Immo has also acquired the 50% stake in the development project previously held by PATRIZIA, and is now the sole owner. This move is in line with CA Immo’s strategy of reducing minority interests in its portfolio. CA Immo’s total investment in the building complex is 86 million euros.
The avant-garde architects of UNStudio (Amsterdam) designed the NEO building complex as a distinctive and highly visible opening project for the new urban quarter Baumkirchen Mitte, located right at the Berg am Laim S-Bahn (local rail) stop. NEO consists of a base building with 55 high-quality flats and an approximately 60-meter-high hotel and office tower. The company tristar GmbH Hotelgruppe has been signed as long-term tenant for the hotel occupying the first six floors of the NEO property, operating a Hampton by Hilton brand hotel with 143 rooms. The top floors of the NEO tower hold a total of 8,500 m² of gross modern office space. CA Immo will hold the office and hotel as as an independent building in its portfolio, while the flats are to be sold. The construction start for the overall complex is still slated for March 2017. Completion is expected in the summer of 2019.
NEO is one of the last elements developed by CA Immo in the Baumkirchen Mitte quarter. The residential areas WA1 to WA3 jointly developed with PATRIZIA have been fully marketed. The residential building WA1 is completed and occupied, WA2 is nearing completion and WA3 is under construction. Construction of the shopping centre on the Baumkirchner Strasse is well underway and will open in May 2017.
In total, around 525 apartments for some 1,200 residents and approximately 350 workplaces are being created on the site measuring around 131,000 m², located in Munich’s Berg am Laim district. The urban development concept is rounded out by 2,000 m² of floor space for social purposes (such as daycare centres), 2,400 m² (~25,800 ft²) of retail space for shops, and a new sports facility for the club ESV München Ost to be built with approximately 2,800 m². The Baumkirchen Mitte quarter will be characterised by distinctive, organic-looking buildings, high-quality architecture and ample greenspace. Only around 50% of the total area will be developed; the remainder of the space will be kept as a natural reserve and will be designed as a landscape park. This natural reserve, which will be established on specially fitted platforms, will be an urban nature experience for the residents of the quarter and the surrounding neighbourhood that is unique in Munich. But the section of the site that is developed will also be impressive, thanks to its high proportion of green space – even the roofs of the buildings will be available for the use of future residents as roof gardens.
Source: CA Immo
CA Immo, Germany real estate news, Hotel, Munich, NEO office, PATRIZIA, residential complex