ARCADIA acquires leasehold property of multi-storey car park belonging to the “Otto Dix Passage”in Gera

ARCADIA Investment Group acquires leasehold property of multi-storey car park belonging to the “Otto Dix Passage”in Gera – modernisation planned for around 375 parking spaces

18. November 2019

In close cooperation with the City of Gera, Museumsplatz Gera Center GmbH, a project company of the ARCADIA Investment Group, acquired the approximately 2,100 m² leasehold property of the “Parkhaus Zentrum” at the end of June 2019. The multi-storey car park is part of the former Elsterforum, which is currently being extensively revitalised. After revitalisation, the shopping arcade opens as the newly designed “Otto Dix Passage” with an enlarged sales area of approximately 16,000 m².

By purchasing the property, ARCADIA can make the necessary investments in the multi-storey car park that was built in 2003. The planned modernisation work of the “Parkhaus Zentrum” with around 375 parking spaces is to begin in the first quarter of 2020. The modernisation will not only benefit the company’s own “Otto Dix Passage” project, but also the adjacent “Geras Neue Mitte” urban development project, which is to be built on 2.5 hectares of fallow land in the period 2020 – 2023. In addition, the multi-storey car park will be open to visitors of the Culture and Congress Centre and the city centre of Gera as well as to employees of the surrounding office buildings.

In addition to the conversion of the entrance and exit to enable conflict-free and comfortable driving, a modern, consumer- and environmentally-friendly LED lighting system is going to be installed on all ten half-levels. Moreover, the coating of the open levels is going to be renewed as weather protection, the multi-storey car park will be painted and modernisation works will be taken on the staircase, the lift and the signs on the individual levels. After completion of the conversion work, the multi-storey car park will be convenient to use for all vehicles of different sizes. The improved user-friendliness is to be rounded off by a high level of safety. Therefore, bright light zones, emergency call buttons and video surveillance will be installed. At the same time there are plans to integrate vehicle rental companies as service providers in the building. The above measures serve to considerably increase the customer and service friendliness of the property and thus a sustainable orientation of the property as the city parking garage of and for Gera.