Bremen: Zech buys land for city center project
German entrepreneur Kurt Zech has come one step further in his plan to create new retail locations in Bremen’s city center. The Bremen Senate has now approved the sale of the Mitte parking garage to the Gustav Zech Foundation. The agreement of sale is scheduled to be notarized on May 6. The purchase price is €16.7mn, including €2,7mn for demolition and other expenses. The Zech Foundation must rebuild within about three years after procurement of approval, at least on the space currently occupied by the parking garage and the neighboring “Galeria Kaufhof” building. The garage is to make way for 21,000 sqm GFA of retail, office and residential use. An architectural workshop will be carried out for the development of an urban concept. DIC Asset, which owns the Galeria-Kaufhof property, has agreed to participate.
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