Construction of Hamburg’s tallest skyscraper halted

Construction of the Elbtower, Hamburg’s new tallest skyscraper, has been halted due to outstanding payments from the developer to the builder.

Furthermore, the project was first announced in March of 2017, while construction commenced in 2021 and was expected to be completed in 2026.

The 64-story Elbtower is planned to be Hamburg’s tallest building, and Germany’s third tallest, standing at a height of 245 meters (804 ft.) and having an estimated value of €1.3 billion upon completion.

As for its location, the skyscraper is being constructed in the east of Hamburg’s HafenCity borough, the main attraction of which is the new Elbphilharmonie concert hall.

Shortly before construction stopped, the building’s reinforced concrete shell had reached a height of approximately 100 meters (330 ft.).

Talks between the parties involved in the project’s realization have been ongoing for a common solution to be found and construction to be resumed.

Hamburg’s senator for city development, Karen Pein, warned the developers that there will be consequences if set milestones are not met.

More specifically, according to the REUTERS, she said that there is a contract that “allows the City of Hamburg to dismantle the construction work performed to date, sell it to a third party for completion, or complete the construction itself”.

It is finally worth noting that this halt comes with an overall downward trend in the country’s real estate development, which has seen significant shrinking in the past year approximately.