Neu-Ulm million-dollar project: Why part of the area is being foreclosed on

Neu-Ulm million-dollar project: Why part of the area is being foreclosed on

According to a report by www.augsburger- Allgemeine.de, part of the Südstadtbogen in Neu-Ulm is about to be auctioned off. The 977 square meter property on Memminger Strasse with a building that should have become the showpiece of the Südstadtbogen but has not yet made it beyond the basement floors will be auctioned off on Wednesday, January 31st at 10 a.m. at the Neu-Ulm District Court. The building belongs to the insolvency estate of Realgrund AG, which was originally supposed to have completely planned and constructed the building ensemble along the railway tracks as the client. But the Ulm-based company went bankrupt at the end of 2019, and the huge construction site stood idle for a year and a half before the investors continued construction on their own.

The foreclosure auction of this part of the building is expected to have an impact on the real estate market and the construction industry in Neu-Ulm. If a new owner were to purchase the property at auction, this could lead to further investment in completing the building, which in turn could generate new jobs and boost the local economy. However, there is also the risk that the building will remain unfinished and therefore represent a gap in the cityscape, with the potential for negative effects on the real estate market. It remains to be seen how the auction and the future development of the Südstadtbogen will impact the local real estate market.