Around 18,000 square meters of floor space should be built on Markgrafenstrasse by the end of 2024. Nothing moved at the construction site last week. An expert expects the completion at the earliest two years later.
(Photo: Nagel/Handelsblatt)
Zurich, Berlin Where turnkey offices and apartments are to be built on 18,000 square meters in a year’s time, desertion prevails. A single car tire lies on the wasteland, reinforced concrete parts are rusting away. Construction workers or excavators are not to be seen far and wide on this summer’s day in Berlin.
The location of the construction project in the heart of the capital between the Mitte and Kreuzberg districts could hardly be better. It’s a three-minute walk to Checkpoint Charlie or the Jewish Museum.
In view of the situation on the construction site, experts warn that even if construction work begins immediately, the property would not be ready until mid-2026 at the earliest. This is bad news for the project’s backers, particularly the Verius real estate fund. This granted the project developer loans of around 26 million euros, as shown by internal fund documents available to the Handelsblatt. However, full repayment of the debt depends on the progress of construction and is therefore uncertain.
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