Essen / Frankfurt am Main, 17 January 2019: Instone Real Estate, a listed residential developer, started construction work on the “Marie” residential project in Frankfurt am Main right on schedule before the end of last year. On the grounds of the former hospital “St. Marienkrankenhaus,” Instone will develop 236 flats, thereof 181 condominiums that the company will sell in its own right. On top of that, 55 subsidised rental flats will be created in conjunction with the project to revitalise the former nurses’ dormitory that will be handed over to the municipal housing association ABG Frankfurt upon their completion. The former nurses’ dormitory and one section of the freehold apartment complex will feature one day-care centre for children each.
The dismantling work and the bulk of the civil engineering work have already been completed, and the construction of the eight house types that together will form the “Marie” apartment complex is now under way. In architectonic terms, the project blends smoothly with the rest of the Nordend sub-district in Frankfurt, which is partially characterised by Belle Époque buildings. Some sections of the “Marie” project’s exterior will be modelled on the original architecture. This will create a characteristic façade that emulates the historic flair of the location.
Ralf Werner, Head of the Rhine-Main Branch of Instone, commented on the project: “Once again, Instone is creating residential accommodation which is urgently needed in Frankfurt. The construction progress is right on schedule, and I would like to take this opportunity to thank our reliable partners. We are committed to taking a sustainable approach with our projects, and the sensitive handling of architecture and historic building fabric plays a key role for us.”
Andreas Gräf, CDO of Instone Real Estate, said: “In many ways, the ‘Marie’ project captures the values and strategies of our Group. Combining subsidised rental flats with the development of condominiums while also putting modern-day standards in relation to the historic heritage of the location appeals to a wide variety of target groups. As it is, around 30% of the condominiums have already been sold.”
Some of the condominiums in the project are built as part of the Frankfurt program for the promotion of new residential accommodation for owner-occupied homes, and are therefore price-reduced.
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