STRABAG Real Estate (SRE), the Stuttgart division of Austrian construction company STRABAG, has acquired an 8,866m² site in Esslingen am Neckar, Germany.
The company plans to build four residential buildings with 140 units on the site’s former car park and revitalise the existing 13,800m² property, previously occupied by German department store chain Karstadt, for commercial leasing.
The redevelopment includes improving the property’s facade to its energy concept, before being let out for commercial use.
This commercial area will feature ‘large-scale’ retail and medical practices from the basement to the second floor, and a fitness studio on the third floor.
The project will also include an underground car park equipped with charging infrastructure for electric vehicles.
STRABAG’s sister company, Ed. Züblin AG, has been appointed as the general contractor for the building’s construction.
The location offers transport connections to Stuttgart and the nearby Stuttgart airport, accessible by both car and public transport.
In addition to the Esslingen project, SRE is actively working on other residential developments in the Württemberg region, including the former post office site in Leonberg (the IBA’27 project) and a residential project in Bad Friedrichshall.
These projects will see approximately 400 apartments being realised in the coming years, and the company aims to significantly increase this volume through new acquisitions.
Esslingen mayor Matthias Klopfer said: “With the acquisition of the former Karstadt site by STRABAG Real Estate, Esslingen has literally hit the jackpot. A key central property in a central location in the city is now finally being developed for the future.
“We can look forward to new retail space, new living space and a new quality of life in the heart of the city centre. My heartfelt thanks go to all those involved who have constructively supported this thoroughly challenging process and have now completed it.”
Earlier this month, ZÜBLIN Nederland, STRABAG’s Dutch construction subsidiary, secured a €139m ($144.8m) contract to construct a residential complex for Greystar in Amsterdam, the Netherlands.
