Façade of a residential building owned by a housing cooperative in Frankfurt.
Image: Helmut Fricke
Cities and tenants rely on their projects because they promise affordable housing. But now cooperatives and construction initiatives are also stopping their projects. Some are already talking about a catastrophe.
ffifty new apartments in a sustainable timber construction, half social housing, the other half at a rent of 10.30 euros per square meter. In addition, there are large communal areas, a neighborhood café and a roof garden for everyone. All this should not be created just anywhere, but in the most expensive city in the republic. When the residential project “Live your (T)Space” was awarded the contract to realize its vision of communal living in Munich’s creative quarter more than a year ago, it sounded almost too good to be true.
The dream of a new room has burst. The initiators returned the property to the city. The investor Euroboden, who wanted to build apartments for 10 euros per square meter on the neighboring property, did the same thing. The rapidly increasing interest rates and construction costs are a challenge for all builders. Projects are being stopped or canceled all over the country. It hits those in particular on whom city developers place great hopes: public welfare-oriented construction projects such as “Live your T(Room)”, which not only want to build affordable apartments, but also design districts. With their workshops, rehearsal rooms and cafés, which are open to all neighbors, they ensure liveliness in the new development district from the start.
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