News
21 October 2021
ARCADIA acquires 74,100 square metre site in Chemnitz for the construction of a new residential quarter
The property developer ARCADIA Investment Group has acquired a development site of approximately 74,100 square metres in the northwest of the city of Chemnitz for the construction of a new residential quarter. The seller of the property is the Free State of Saxony. This was preceded by a multi-stage public tender process, which ARCADIA was able to win.
The site is located on Steinwiese in the Altendorf district, in the immediate vicinity of the Crimmitschau Forest recreation area and the Chemnitz Hospital. In addition to a large green area, the future residential quarter will be predominantly developed with building plots for single-family houses and semi-detached houses. ARCADIA is currently in discussions with the city planning office of the city of Chemnitz regarding the further development of the required development plan.
“We are planning a lively neighbourhood with a children’s playground and many green spaces – including a trim trail and a nature trail, several seating areas and sufficient retreats for people and animals. At the same time, there are plans for a loosened-up residential development with generously cut plots of land that will complement the adjacent residential quarter,” Alexander Folz, managing partner of ARCADIA, outlines the initial plans.
The city of Chemnitz, with a population of around 245,000, is one of the most important technology locations for the automotive and supplier industry in the Free State of Saxony and is home to well-known companies such as the Volkswagen Motorenwerke, IBM and Continental AG. In September 2021, Chemnitz was chosen as one of four locations of the national technology centre for hydrogen and will receive 60 million euros in federal funding for this purpose. In addition, Saxony’s third largest city holds the title of “European Capital of Culture 2025”. The accompanying investments in the region are intended to help accelerate structural change and have a long-term positive effect on the quality of life of the Chemnitz population. “We are convinced of the potential of the location and look forward to contributing to the urban development of Chemnitz,” concludes Alexander Folz.
