Press release

Foundation stone laid for 121 flats and a day-care centre in Frankfurt

Foundation stone laid for the Da-Vinci-Garten in the Rebstock district of Frankfurt with minister for residential construction Priska Hinz /// Joint project managed by Nassauische Heimstätte and Instone Real Estate Development GmbH

Frankfurt, 11.04.2018: Nassauische Heimstätte/Wohnstadt is breaking new ground with its latest project: The Da-Vinci-Garten in Rebstock, Frankfurt marks the residential construction company’s first acquisition of a turnkey property. The property to be built by nationwide residential developer Instone Real Estate is a multi-family dwelling with 121 residential units – just under one third of which are subsidised – and a day-care centre. On Wednesday, Priska Hinz, Hessian Minister of the Environment, Climate Protection, Agriculture and Consumer Protection and Supervisory Board Chairman, was joined by Managing Director of Nassauische Heimstätte, Dr Thomas Hain, Nassauische Heimstätte Director Dr Constantin Westphal and Ralf Werner, Head of Instone Real Estate Development GmbH’s Rhine-Main branch, to lay the foundation stone for the new development.

Living space for singles, couples and families with children
The project on Leonard-da-Vinci-Allee encompasses 85 independently financed and 36 subsidised flats as well as a four-tiered day-care centre on the ground floor offering space for up to 60 children. The range of residential properties is aimed at a broad target group, from singles to married couples and families with children. Besides 42 one-bedroom flats and 47 two-bedroom flats, a total of 23 three-bedroom flats and nine four-bedroom flats will also be constructed. They range in size from 58 m2 to 130 m2 and offer total living area of just over 10,100 m2. Each flat has at least one generously sized outdoor area such as a loggia, a balcony or a veranda. The cost of renting the subsidised flats will be around EUR 7/m2 and roughly EUR 12/m2 for the independently financed flats. All flats have been built to meet the KfW Efficiency House 55 standards, and so consume significantly less energy than currently mandated by the Energy Efficiency Directive.

The complex also has an underground car park with space for 117 vehicles as well as two ground-level parking spaces for the day-care centre. The U-shaped building encircles an inner courtyard, most of which is used by the day-care centre as outdoor space. The building is being constructed on a site measuring some 3,800 m2 in Bockenheim, which is part of the Rebstock district. It is bordered by Leonardo-da-Vinci-Allee to the south, a cul-de-sac to the east and a neighbouring building to the west. A hotel is set to be built to the north of the new property. Access to the property is via Leonardo-da-Vinci-Allee. Frankfurt-based architect Stefan Forster and his team are responsible for planning the project. The building is scheduled for completion in December 2019, with flats ready to be handed over to new tenants in the first half of 2020.

Important contribution to creating more affordable housing
“We have an ambitious target to build around 4,900 flats in the next few years, the vast majority of which in the Rhine-Main region,” said Dr Thomas Hain, Managing Director of Nassauische Heimstätte, at the foundation stone ceremony. “On this rocky road to creating more affordable housing we will have to be prepared to consider opportunities that have not been used so far.” The purchase of turnkey properties may not be a top priority, but at times when construction land is scarce it is also an option we can take to expand our portfolio of properties.” The project, which is located in direct proximity to Rebstockpark, is a perfect fit with the construction and development activities of Nassauische Heimstätte in the city on the banks of the Main. “We have constructed some 300 flats in Frankfurt alone over the past two years,” adds Dr Constantin Westphal, Director of Nassauische Heimstätte responsible for property management. “A further 200 flats are currently under construction, and in the next two years we will begin constructing another 1,100. This, coupled with the 2,000 flats we are currently building with our partner Instone in Bockenheim on the site of the former Siemens factory and other plots in direct proximity to Westbahnhof, once again shows just how seriously we are taking the task of creating affordable housing. All told, we are looking at over 2,600 flats in a time frame of just a couple of years.” By constructing a day-care centre on the ground floor of the Da-Vinci-Garten, Nassauische Heimstätte is also embracing its own company guidelines. “Our ultimate aim is to develop the area, strengthen the community, enhance tenant satisfaction and commit to our social responsibility.”

Hinz: “Turnkey acquisition is sensible interim solution”
Priska Hinz, minister responsible for residential construction, underlined the many different measures the State of Hesse is introducing in its attempts to combat the housing shortage, particularly in metropolitan areas. “Municipalities and residential construction companies play a key role in providing residential space,” said Hinz. “As a federal state, we are doing everything we can to support companies in their construction projects. This is why we have pooled together our various subsidy programmes in our “Masterplan Wohnen” (residential master plan) initiative and stocked up the total subsidy volume once again. Until 2020, the State of Hesse will be investing a total of EUR 1.7 billion in subsidising affordable housing.” Hinz adds that new housing always helps to reduce the burden on the residential market: “That is why we have put our full backing behind the Da-Vinci-Garten project using funds from the municipal investment programme.” The minister explicitly welcomed Nassauische Heimstätte and Instone’s joint project. “Developing construction land takes time,” she added. “But we need more affordable housing in Frankfurt and its surroundings right now. That’s why purchasing turnkey properties can be a sensible interim solution.” Ralf Werner, Head of Instone’s Rhine-Main branch, shared Hinz’s view that the construction project in Leonardo-da-Vinci-Allee offers all involved parties a great deal of planning security. “Realising turnkey multi-family dwellings for investors is of great importance, alongside the sale of freehold flats to capital investors and owner-occupiers. We look forward to working together with Nassauische Heimstätte and are convinced that we will be able to reduce the burden on the Frankfurt residential rental market through this project.”

Photo (from left to right): Monika Fontaine-Kretschmer, Nassauische Heimstätte/Wohnstadt, Dr Thomas Hain, Nassauische Heimstätte/Wohnstadt, Priska Hinz, Hessian Minister of the Environment, Climate Protection, Agriculture and Consumer Protection, Dr Constantin Westphal, Nassauische Heimstätte/Wohnstadt, Ralf Werner, Instone Real Estate Development GmbH

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