Estimated Price Tag for Holsten Area for the City
The former Holsten Brewery site in Altona, which has been idle for five years, is once again making headlines in Hamburg. The city is currently assessing its right of first refusal in case of a sale of the site, a legal instrument that gives Hamburg the priority option to purchase the property before it can be sold to a third party.
The Holsten site has become a speculative object, with the Adler Group, the current owner, in financial difficulties and seeking to sell the site. Saga and Quantum Immobilien AG have received exclusivity for the purchase of the former Holsten site from the Adler Group.
Negotiations about a potential purchase can now begin. If the development of the Holsten site goes into good hands, meets the city's requirements, and finally gets going, there is no need for Hamburg to exercise its right of first refusal. However, the petition by "Knallt am dollsten" and the monument association, supported by the Hamburg Tenants' Association, demands the preservation and retention of historically significant old buildings on the site, as well as the creation of a lively and affordable neighborhood in an environmentally friendly manner. The petition also includes a demand for the city to exercise its right of first refusal in case of a sale of the former Holsten site.
Finance Senator Dressel is pleased to "get this project moving again," and the city is considering building apartments on the former Holsten site, which was supposed to house more than 1300 new apartments after the sale in 2016. All buildings on the 86,000 square meter site were demolished after the sale.
The right of first refusal is a common tool in urban development contexts, allowing cities to ensure municipal influence over important or strategic real estate. Hamburg may hold such a right on the Holsten site to secure urban planning objectives, such as maintaining affordable housing or commercial use. The implications generally include the city having priority to purchase and control the development to align with public goals.
For precise, up-to-date information, it would be necessary to consult Hamburg’s city planning office, official municipal communications, or real estate transaction records related to Holsten Brewery properties.
- In the ongoing discussions surrounding the development of the Holsten site, Saga and Quantum Immobilien AG are seeking to invest in the real-estate property, aiming to transform it into a lively and affordable neighborhood while preserving historically significant old buildings.
- If the city of Hamburg decides to exercise its right of first refusal, it could provide finance support for the development of the Holsten site, ensuring that the project aligns with urban planning objectives such as creating affordable housing and maintaining commercial use.
