Hamburg: SSN builds New Korallus District with 20% subsidized apartments
The course has been set for the “New Korallus District” in Hamburg’s Wilhelmsburg quarter. The project’s developer, SSN Group, recently signed the urban development contract with the city, while the Hamburg Mitte District Assembly has initiated the corresponding development plan. The 21,000 sqm site, located on Thielenstraße, will have 460 apartments, a day care center, retail stores and an underground parking garage with 230 spaces. The apartments will be a mix of 24% condominiums, 56% privately financed rental apartments and 20% subsidized rental apartments. The rents are said to be €6.40/sqm (subsidized) and around €13/sqm (privately financed). The SSN Group is developing the New Karollus District for resale in turnkey condition. Construction is scheduled to start in 2020 and be completed by 2023/24. The architectural firm Fuchshuber Architekten is providing the design plans.
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