Berlin: Signa wants to invest €900mn on Kurfürstendamm, building committee opposed

04/12/2018

Karstadt owner Signa presented its plans for development of the site on Kurfürstendamm 231 in Berlin yesterday. Different models with 120,000 to 180,000 sqm floor space were introduced. The investment volume is around €900mn. The current Karstadt building is to serve as a base for up to three high rises, as was reported last week. Signa wants to move away from purely retail utilization toward a multi-functional complex, Germany CEO Timo Herzberg states. Apart from retail space, the towers are intended to also house a hotel and offices. However, the Berlin building committee led by Director of Urban Development Regula Lüscher is opposed to these plans. Kurfürstendamm, Lüscher told local media, is not the right place for a “high rise cluster.” The plans, she says, are not proportional, the envisioned retail space of up to 50,000 sqm “grossly inflated”. What happens next is not clear. Signa told TD upon inquiry that they are not ready to throw in the towel.


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