Overview
- Offenbach and ABG presented a Letter of Intent, with a notary appointment scheduled and the purchase contract expected to be signed in November; the parties did not disclose the price.
- ABG plans to demolish the long-vacant tower skeletons in the spring after closing, saying renovation is not financially viable.
- The plan includes a publicly funded student residence for 354 students, roughly 30 percent of the units, plus about ten percent of the area as subsidized apartments, totaling 23.2 percent publicly funded residential floor area.
- Offenbach’s GBO would have the option to acquire and operate the subsidized apartments, and Hesse signaled support for the student housing via its Studentisches Wohnen program.
- ABG estimates investing more than €500 million including land, targets first move-ins in 2029, and outlines commercial components such as 4,200 square meters of offices, a parking garage on Strahlenbergerstraße, and a rebuilt Best Western hotel.