Frankfurt: Offices and residences planned at Degussa area
DIC Deutsche Immobilien-Chancen and Morgan Stanley Real Estate Funds, co-owners of the Degussa area in downtown Frankfurt, are planning construction of a 150 m residential and office tower, as well as a smaller office high rise, at the site. The design of the architectural office of KSP Engel und Zimmermann provides for 100,000 m² of gross floor space, 20,000 m² of which shall be used as residential space. It's estimated that investment costs for the so-called “Main Tor“ (literally, “Main Gate“) project will be around €500mn. According to information from DIC's managing director Ulrich Höller, work on the project shall be begun in the second half of 2008.