Rostock's Ticket to a New Cultural Hub
At their meeting this Wednesday, Rostock's city council is set to outline a plan to sell municipal properties and land, aiming to fund the construction of a swanky new theater. An impressive 18 locations are on the radar, ranging from the ex-Best Western Hanse Hotel in Warnemünde to the busy freight village. The cumulative potential sales value? A hefty 120 million euros.
Initially, the city is keen on offloading properties for around 34.5 million euros to contribute to the theater's construction budget. This amount pairs up with the city's own 75 million euro stake, while the rest of the funds (51 million in subsidies and an 82 million euro loan) will be sourced elsewhere.
To ensure they stay on budget and meet their marketing timelines, the city council has broadened the scope of potential sales areas to 120 million euros. Given the current projected construction costs for the theater at 208 million euros, the city is hoping to generate enough revenue to alleviate any cost escalations or delays.
It's worth noting that this sale does not include the granting of heritable building rights to buyers, who will solely become the property's owners in the event of a transaction. Individual resolutions will be required for each property on the sales list.
Reinforcing the Urban Landscape
- The proposed sale of Rostock's municipal properties, including the Best Western Hanse Hotel in Warnemünde, aims to generate funding for the construction of a new theater.
- With potential sales valued at 120 million euros, the city council is hopeful that it can finance the build, while accounting for any unexpected costs or delays in the marketing process.
- Residents of Rostock and Warnemünde may experience changes in their urban landscape due to the theater construction project, as the city council works to secure funding through property sales.
Based on data from Stern and additional research
