Construction on the Elbtower in Hamburg has been stalled since autumn 2023, leaving the approximately €950 million project as Germany’s largest unfinished building. However, a potential path forward may be emerging: reports indicate that Dirk Roßmann, 79, the owner of the Rossmann drugstore chain, is considering investing in the completion of the high-rise.
According to information from the “Hamburger Abendblatt,” Roßmann is aiming to join an investor consortium that would finance the continuation of the Elbtower’s construction. This information is based on a recent announcement from the German Federal Cartel Office.
The proposed investor consortium includes, in addition to Roßmann, the companies Signal Iduna, Kühne Immobilia, the construction firm Adolf Lupp, and BDT Service2. The Federal Cartel Office in Bonn is currently reviewing whether the merger of these five investors would create a dominant position in the real estate market and whether the consortium can be founded.
Hamburg’s First Mayor, Peter Tschentscher, announced in October that the city intends to house its planned Natural History Museum within the building. The city is prepared to invest €595 million to acquire the stalled project.
Work on the Elbtower construction site, halted since October 2023, is expected to resume in mid-2024. The revised plans also call for a reduction in the tower’s height to 199 meters, twelve stories fewer than originally planned. Architect David Chipperfield has already approved the changes.
Frequently Asked Questions
What is the current status of the Elbtower project?
Construction has been halted since October 2023, and the project is currently Germany’s largest unfinished building. Plans now call for a reduced height of 199 meters instead of the original 245 meters.
Who is involved in the potential restart of the project?
Dirk Roßmann, founder of the Rossmann drugstore chain, is reportedly seeking to join an investor consortium that includes Signal Iduna, Kühne Immobilia, Adolf Lupp, and BDT Service2 to finance the continuation of construction.
What is the city of Hamburg’s role in the Elbtower’s future?
Hamburg intends to purchase the building for €595 million to house its planned Natural History Museum.
As the Elbtower’s future hangs in the balance, will the approval of the investor consortium by the Federal Cartel Office be enough to finally bring this ambitious project to completion?
