Upmarket living on the river Lahn in Wetzlar - made possible by a joint venture
The residential project MODUS 3.0 is to take shape in a top location in the city centre, right on the river Lahn. The citizens of Wetzlar are thrilled that the project is finally moving forward, as the Mauritius department store, owned by METRO PROPERTIES, stood empty for over 10 years and repeatedly proved an obstacle to development proposals. Not until the surrounding area took on a residential character and restaurants began locating there did new concepts for use become possible.
METRO PROPERTIES and the local Helm Group are joint venture partners in the project. The department store was torn down and the foundation stone laid for the new residential and commercial development. By 2021, 75 senior-friendly living units ranging from 50 to 145 m2 are to be ready for occupancy on the property of approximately 2,500 m2, revitalising the central location. A special asset of the project is that the residents will be able to take advantage of the services of the neighbouring Caritas retirement home.
The development project in Wetzlar has taken a 'challenging location' and turned it into a real opportunity, for us at METRO PROPERTIES as well as for the city of Wetzlar and its citizens.Christian Ramjoué, Team Leader Asset Management Wholesale, Region Germany
Property developer with experience
For the planned new building, METRO PROPERTIES brought Helm Wohnpark Lahnblick GmbH aboard as the developer. A smart move: the Helm company has already realised 2 similar projects in the neighbourhood as well as a retirement home, and as a locally based, trusting joint venture partner, it brings with it extensive experience.
Facts and figures
- Property developer: Helm Wohnpark Lahnblick GmbH
- Very central location in Wetzlar, between the river Lahn and Bahnhofstraße
- Property: 2,500 m2
- Building type: 75 condominiums
- Commercial units: approx. 700 m2
- Ecological construction
- Handover: 2021