The investment volume amounts to more than €160 million.
Jens Jäpel, Director ECE Development: “After the overwhelming majority in the referendum, now also a two-thirds majority of the city council agreed to the resolution regarding the development plan and the contracts with the city of Kaiserslautern. With the presence of the resolution we will now intensively continue our planning. We aim for a start of construction in spring 2013 in order to be able to offer a great new shopping location in Kaiserslautern as of the end of 2014. At this point, we would like to thank the municipality, the city council and, most of all, the citizens of Kaiserslautern for the trust bestowed in us and the support.”
The city area at the Karstadt / Altes Pfalztheater location is acquired by ECE for €9.9 million. Together with the plots of the Karstadt building and the car park operator Q-Park, which are already contractually secured, all plots needed for the realization of Stadtgalerie have been obtained.
Stadtgalerie Kaiserslautern will provide a sales area of approx. 20,900 m² and no more than additional 3,200 m² floor space for services, gastronomy and center management. Planned are around 100 shops and 490 parking spaces. The former Karstadt building with around 12,000 m² sales area forms part of the project. The investment volume amounts to more than €160 million.