The EU's largest regeneration project has reached a significant milestone.

HafenCity, Europe's largest inner-city development project in Hamburg, has achieved the halfway point of its 23-year construction schedule. property for sale in qatar

According to Jürgen Bruns-Berentelg, chief executive of HafenCity Hamburg GmbH, 56 projects have been finished in the development, which is located on a 157-acre waterfront property beside the Elbe, and another 46 are under construction or planned. A total investment of €8 billion in private money and €2.4 billion in governmental monies is expected.

In various ways, HafenCity stands apart from other rehabilitation efforts. Because of its central location, HafenCity is only 800 meters from Hamburg's town hall, unlike Docklands in London, which is six miles from the city center. Second, HafenCity is a true mixed-use project. The project, which is expected to be completed in 2025, will include 45,000 employment and 6,000 residential units, with a functional mix of 50% workspace, 30% residential, and 20% dedicated to cultural, leisure, retail, and education.

Speicherstadt, the old warehouse district established between 1883 and 1927 and largely restored following WWII bombing, is at the heart of HafenCity. The area was abandoned once a new container terminal was established on the river, but HafenCity has transformed the former port area into an urban expansion of the inner city, thus establishing a city within a city by connecting the redbrick warehouses with downtown Hamburg.

HafenCity began construction in earnest in 2002, and plans call for 13 new urban quarters to be built from west to east and north to south. The western section is nearly finished, with 2,000 people and a variety of stores and restaurants.

Bruns-Berentelg highlighted the educational facilities being created in HafenCity when summarizing recent progress. Kühne Logistics University and Medical School Hamburg moved into new buildings at Grasbrook in September 2013, and HafenCity University (HCU) will open in early 2014 with 2,000 students. These are in addition to The International School of Management and a Frankfurt School of Finance and Management satellite, both of which opened in 2010 and 2012.

20,000 square meters of property were let in the first three quarters of 2013, with prices ranging from €11.00 to €24.00 per square meter. There are still 40,000 square meters available for rent.

The Überseequartier, which spans 13.7 hectares, is HafenCity's business core and the city's main connection to the coastline. A metro station with direct access to Hamburg, kindergartens, parks, and playgrounds are among the built facilities. The development of the southern half of this region is contingent on the City of Hamburg's final choice on whether to focus on retail, business, or residential uses.

According to the latest estimates, 450 businesses have migrated to HafenCity, employing 9,000 people. Unilever and shipping conglomerate Kühne & Nagel are two notable office tenants, while BP and Hajin Shipping both opened offices this year. In May 2013, the architects von Gerkan, Marg and Partners won accolades for Gebr. Heinemann's headquarters, which is an addition of two existing warehouses dating from 1877.

The project has had some setbacks, most notably with the Elbphilharmonie, a modern glass and red brick concert hall built by Herzog and de Meuron and slated to become Hamburg's new icon. The structure, which includes a 2,150-seat theater, a hotel, and 45 apartments, was supposed to open in 2010.

"All necessary contracts with the building company HOCHTIEF for the new opera house were renegotiated in April 2013, and completion is now slated for October 2016," said Andreas Wende, managing director of Savills Germany's investment division. "The 45 residential units ranging in size from 100 to 300 square meters on the building's west side, with views of the Elbe and harbor, were offered for sale at €16,000 per square meter for bare brickwork and were repeatedly oversubscribed."

Hamburg is Germany's second-largest metropolis and the country's wealthiest city per capita. The established residential districts along the Alster Lake have the highest property prices.

"HafenCity is an amazing site as a completely new-built district," said Hilke Branding-Rettig of German developers Frankonia Eurobau. "Because of the attractiveness and cachet of waterside residential units, a new flat on the Elbe can be had for as little as €6,000 per square meter."