Start of conversion of the “Otto-Dix-Passagen” in Gera
After the move-out of Galeria Kaufhof and other tenants, the ARCADIA Investment Group has begun with the deconstruction work and internal core removal of the vacant areas in preparation for the forthcoming conversion of the “Otto-Dix-Passage” in the city centre of Gera. At the end of December 2018, ARCADIA had already submitted the building application for the planned construction measures for the new concept of the “Otto-Dix-Passage” in Gera. Once the core removal work has been completed, the structural work is to begin at the end of the 2nd quarter of 2019. The aim is to be able to reopen the building at a festive ceremony in the 3rd quarter of 2020.
Mayor Julian Vonarb and Alexander Folz, Managing Director of the ARCADIA Investment GmbH, are pleased about the revitalisation of the shopping centre in the inner city of Gera. The joint development of the prominent square in Gera is just as good news for ARCADIA as it is for the city of Gera itself. The recently criticised appearance of the area now softens to a functionally sustainable retail property that fully meets the demands placed on such a central location.
Parallel to the ongoing demolition and core removal works, ARCADIA is working together with the well-known architectural office Vahjen from Braunschweig on the detailed redesign of the shopping centre. This will be done in close coordination with the approval authorities of the city of Gera.
Already in April 2018, ARCADIA had acquired the inner-city shopping centre with a rental area of more than 14,400 m² at Museumsplatz 2 in Gera as well as the belonging car park with approx. 376 parking spaces and announced its plans for conversion and revitalisation. The ageing inner-city shopping centre is to be reopened with attractive retailers. In this way, the new “Otto-Dix-Passage” will once again fully fit into the prime location between Markt, Sorge and the Gera-Arkaden.
The team of the ARCADIA Investment Group specialising in the marketing of retail space, headed by the authorised signatory Kathleen Haubold, is currently holding a whole series of promising discussions with numerous interested retailers and restaurateurs, who have the opportunity to establish their concepts in the future on modern rental space that can still be variably designed. In the process, both chain stores and regional companies from a wide variety of industries are to be bound for the long term and brought together to form an attractive tenant mix.
ARCADIA Investment Group
The ARCADIA Investment Group specialises in the development of retail properties, residential properties as well as car parks and underground car parks throughout Germany. In addition to activities relating to the company’s own portfolio, it has also implemented a host of projects in the framework of joint ventures – amongst others in close cooperation with several national and international investors. The company’s core business also includes the optimisation, maintenance and expansion of the property portfolio of family businesses with the utmost care and confidentiality. ARCADIA Investment GmbH, the holding company of the Group, currently employs 31 people and is currently developing areas with more than 300,000 square metres of space nationwide. The associated project volume currently amounts to approximately 250 million euros.
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