Munich’s Alte Akademie Project Revived Under New Ownership
Munich, March 27 – After a two-and-a-half-year construction halt, the former Signa property, Alte Akademie, has officially found a new owner. The Opes Immobilien Gruppe has purchased the building complex in the pedestrian zone, signaling the end of the troubled episode involving Austrian magnate René Benko. The new owners promise a swift continuation of the project.
Behind the new owner is the family of the late billionaire Heinz Hermann Thiele, founder of the global conglomerate Knorr-Bremse. Opes, in collaboration with Munich-based project developer Hammer AG, aims to complete the Alte Akademie “expeditiously,” as announced by Opes on Thursday. The project is slated for completion by 2029, envisioning “an attractive quarter in a prime location for retail, gastronomy, offices, and residential use.”
A New Chapter for a Historic Site
Opes has stated its intention to retain the Akademie as a long-term asset, thus “removing it from the market as a speculative object.” Jürgen Büllesbach, Managing Director of Opes, emphasized, “We are aware of our responsibility and will develop this location with respect and care.” He added, “We want to quickly return it to the people of Munich and their guests in new splendor as an attractive urban place where people will always enjoy going and spending time for various reasons.” This, he believes, will benefit the entire city center of Munich.
Opes acquired the hereditary building right for the Alte Akademie from the insolvency estate of the defunct Signa project company. Additionally, Opes purchased the land from the Free State of Bavaria. The budget committee in the state parliament gave its approval in December. According to AZ information, the total purchase price was approximately 180 million euros, with construction costs estimated at 400 million euros.
Vision for the Future: Retail, Gastronomy, Offices, and Residential Use
The former Jesuit College and the site of the former Hettlage department store will encompass 21,000 square meters of floor space. The ground floor is designated for shops and gastronomic establishments, with offices above. The ornamental courtyard will be publicly accessible from Neuhauser Straße, with gastronomy also planned here.
Hans Hammer, CEO of the Munich-based Hammer AG, who has been intensively involved with the project for almost two years, expressed his satisfaction: “As a Munich family business, we are pleased to be able to help heal a wound in the city center.” City building councilor Elisabeth Merk also welcomed the development: “With the takeover of the Alte Akademie by Opes, a sustainable and high-quality perspective has been found for this unique place in the heart of Munich. The monument-friendly development combines the architectural heritage of our city with forward-looking urban use.” This, she believes, will create a place “that harmoniously brings together Munich’s history, present, and future in an exemplary manner.”
Impact on Munich’s City Center
The completion of the Alte Akademie project is expected to significantly revitalize Munich’s city center, offering a new hub for commerce, dining, work, and living. The long-awaited transformation aims to enhance the urban experience for both residents and visitors, further cementing Munich’s reputation as a vibrant European city.
Source: https://www.abendzeitung-muenchen.de/muenchen/muenchner-innenstadt-mega-projekt-vor-comeback-art-1121501
