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Germany: Developer Centralis Immobilien has begun construction work on a 93-unit project in Breite Gasse, Nuremberg, after it came to a standstill as a result of insolvency.
Centralis took over the project from a special situation after the previous owner had demolished old stock in 2020 and started shell construction, but fell into insolvency.
Scheduled for completion in 2027, the site will be transformed into 93 units on the upper five floors, operated by limehome. Catering areas are planned on the ground floor and basement.
For the structural implementation, Centralis has appointed apoprojekt as general contractor.
Fabian Vieregge, CEO of Centralis, said: “The property in Breite Gasse is a prime example of our investment profile. We take over projects with development potential from special situations, complete them and create sustainable modern hospitality products from them. Thanks to our strong capital base, we are a reliable partner for sellers – and with our specific know-how at the same time an experienced, solution-oriented developer for our partners on the operator side.”
Josef Vollmayr, co-founder and co-CEO of limehome, said: “The central location and economic dynamics in Nuremberg and the surrounding area create ideal conditions for our digital model. We have a long-standing, very trusting partnership with Centralis. We share the demand for quality, efficiency and sustainability and bring complex projects together reliably. 93 apartments offer business travellers and tourists flexible, high-quality stays in the best downtown location and set additional impetus for the future of Breite Gasse and the city of Nuremberg.”
Highlights:
- Centralis Immobilien has begun construction on a 93-unit hospitality conversion in Breite Gasse, Nuremberg
- The project was acquired from a special situation following insolvency after works stalled
- The completed scheme will feature 93 units operated by limehome, with F&B space on the ground floor and basement
- Completion is scheduled for 2027, with apoprojekt appointed as general contractor
