Berlin’s skyline is set to rise to new heights with the 492-foot Alexander Tower recently getting government approval to be built.
The development will be the city’s tallest residential tower, according to real estate agents Bewocon, which will be handling sales. It will feature 377 apartments, plus commercial and retail space, over 35 floors. Sales of the residences are set to begin in the first quarter of 2019.
“The decision taken by the Senate to finally approve plans for the Alexander Tower, which have been 24 years in the making, is an historic moment for the city,” Suzanne Kirstein, head of international sales at Bewocon, said in a statement.
Indeed, plans for the tower were presented for the first time in 1994. It was part of Berlin’s master plan to foster a new city center around Alexanderplatz, a public square, cultural hub and transportation hub in the Mitte district. The area is also home to Museum Island, the historic neighborhood Nikolai Quarter, as well as many shops and restaurants.
Plans have evolved since 1994, and, after getting support from government agencies, the project was approved last week.
MonArch is the developer behind Alexander Tower, and the company is currently finalizing the floor plans and design aspects of the project. It is set to have a spa and fitness center, a private cinema, a terrace for residents and underground parking for both cars and bicycles, according to Bewocon.
Prices for the units are not yet available.
Berlin’s residential market has seen quite a bit of growth recently, with a 20.5% gain in prices in 2017, according to Knight Frank’s Global Cities Index. That gain put Berlin at the top of the London-based real estate company’s annual report.
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Germany’s capital city has few skyscrapers, mainly office buildings, and the approval of Alexander Tower is expected to be the first of a spate of new towers in Berlin, according to Ms. Kirstein.
“This development will trigger a major transformation of the center of Berlin that will undoubtedly attract a new caliber of resident, as well as provide an attractive prospect for major businesses and retailers,” Ms. Kirstein said in a statement.