Hamburg: Nord Project and Stiftung Azibiwerk build in “Münzviertel”
GBI-owned Nord Project and Stiftung Azubiwerk foundation plan to create residential space accommodating 650 persons in the Münzviertel area of Hamburg, near the main station, by mid-2021. 170 furnished student apartments and 66 privately-financed 1.5 to 2-room apartments are planned for the 8,467-sqm site of the former school for the deaf at Schultzweg/Norderstraße. Nord Project is taking over this project section from HBK Hanseatische Bau Konzept. In addition, Azubiwerk foundation and the Diakonie of the Lutheran Church will be responsible for the construction of 200 trainee dormitories and 100 subsidized apartments. HBK CEO Dietrich von Stemm is transferring the shares for this project section to the foundation. Together, Nord Project and Azubiwerk foundation are investing more than €80mn in the project. Construction is expected to begin in early 2019.
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