Magdeburg City Council approves land development plan and sets course for the future of Börde Bogen
- Resolution adopted on 9 June 2022
- Building plot with 67,870 m2 of gross floor area
Berlin, 13 June 2022 – In its meeting on Thursday, 9 June 2022, Magdeburg City Council approved the building development plan memorandum for the “Southern Sieverstorstrasse 174-2” area on which the Börde Bogen project is to be realised in the coming years. This is a joint venture between The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) and the Stonehedge Group, both based in Berlin.
The building plot measures approx. 32,310 m2 and allows a building development with a gross floor area of approx. 67,870 m2. More than 800 apartments are to be built here on seven construction sites and in various construction phases in the next few years.
Jacopo Mingazzini, Managing Director of The Grounds, says “We are pleased that with the resolution on the memorandum, an important milestone for the further realisation of our project has been reached . It now gives us a workable basis on which to push ahead with the further planning of the project with our partner. The Börde Bogen project will make an important contribution to meeting the growing demand for housing, and we look forward to further cooperation with all local partners. We anticipate increasing demand in Magdeburg’s housing market, especially in the course of Intel’s location in Magdeburg, which was announced in the spring of 2022.”