Germany-based developer GerchGroup purchased Frankfurt's former police headquarters for €212.5 million and plans to invest around €800 million on a new mixed-use complex on the site, Property Investor Europe reported.
The German state of Hesse selected the developer's proposal over more than 40 other bids for the 15,000-square-meter site, where several buildings have been vacant since 2002, the publication said, citing the state.
GerchGroup's plans for the complex, located on Friedrich-Ebert-Allee and Mainzer Landstraße, include housing, offices, a hotel, a nursery and a school gymnasium, according to the report. Construction is expected to commence in 2022, with completion slated for 2026.
