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New investor brings movement to the Lamarr department store in Vienna
After the sale of the Lamarr department store in Vienna, something is happening: the new investor Stumpf is planning a usage concept for the unfinished construction project. More about this in our article!
New investor brings movement to the Lamarr department store in Vienna
There is news about the Lamarr department store in Vienna, which has been in the headlines since its bankruptcy. After months of inaction, initial progress is now being made. The eye-catching logos of the Signa Group, which until recently adorned the construction barriers, have now been replaced by the lettering of the new investor Stumpf. This purchase was completed in October 2024 when the Stumpf Group subsidiary, led by Georg Stumpf, took over the unfinished project from the former Signa Group.
The takeover not only means a change in administration, but also shows that there is an emerging movement in the area of planned use. However, the managing director of Stumpf Development GmbH, Stefan Zöser, expressed reservations about future plans. When asked, he confirmed that they were currently working on a usage concept, but did not want to reveal any details before these considerations were over. This topic is highly relevant because the building is located in one of the most popular shopping streets in Austria.
Manufacturing costs and public interests
The financial aspects of the project are also significant. The purchase price for the property was 100.5 million euros, but the construction site is encumbered with liens totaling 390 million euros. According to Stumpf, the excellent location and the central location on Mariahilfer Straße played a decisive role in the acquisition.
The original plans of the insolvent Signa founder Benko called for a new hotel and a premium department store, supplemented by a public park on the roof of the building. The restoration of the public park is a district policy requirement, and it remains to be seen whether the new usage concept can meet this requirement.
The publication also mentioned that the shell construction has already been completed and the first assembly steps for the building services systems have been carried out. At the start of the sales process, the insolvency administrator announced that many bidders had shown interest; There was talk of over 30 interested parties. Estimates of the cost of completing the project are in excess of 200 million euros, reflecting the size and complexity of the undertaking.
The Lamarr department store undoubtedly remains a central theme in the urban development of Vienna. The coming months will be crucial to see how the plans become more concrete and what form the construction project will ultimately take. More information on these developments is needed to monitor progress in detail and monitor possible changes in the local economic environment. For a deeper analysis of this phenomenon offers the article from www.vienna.at comprehensive insights.