Planning security for Gruner + Jahr site

After the purchase agreement between the city and Gruner + Jahr (G+J) from 2016 regarding the publisher's property on Baumwall was amicably cancelled this summer, G+J sold the property on Baumwall to the internationally renowned real estate developer Tishman Speyer as planned. In order to exert significant municipal influence on the future use and development of the Baumwall site, the city has entered into a comprehensive agreement with Tishman Speyer, under which Tishman Speyer has assumed extensive obligations with regard to the future use and development of the Baumwall property. The commitments entered into by Tishman Speyer, which go well beyond existing legal obligations, include the obligation to create a substantial amount of housing - much of it publicly subsidised - and day-care centres on the Baumwall site. In addition, publicly effective uses of the ground floor zones are to contribute significantly to the revitalisation of the neighbourhood. The agreement also provides that the concerns of historic preservation will be fully taken into account in all conversions and new buildings, and that sustainability and climate protection will be given high priority. With the agreement now reached, the exercise of a pre-emptive right to which the city is entitled with regard to the G+J property has been averted.

Source: City of Hamburg