ERFURT – Another milestone has been reached in the Ringelberg residential area of Erfurt: In the presence of Thuringia's Minister of Economic Affairs Wolfgang Tiefensee, Thuringia's Minister of Infrastructure Susanna Karawanskij, LEG Managing Director Sabine Wosche, and Erfurt's Mayor Andreas Bausewein, the topping-out ceremony for three new apartment buildings with a total of 53 residential units took place today, Wednesday, September 22, 2021. Completion is scheduled for summer 2022. The buildings will offer approximately 4,000 square meters of living space, as well as an underground parking garage of approximately 2,000 square meters with 60 parking spaces.
This privately financed housing project is part of a larger development in which LEG is creating a total of 78 residential units in the sixth construction phase of the Ringelberg complex. The remaining 25 apartments, subject to occupancy and rent control, are located in a building scheduled for completion in autumn 2021. For these 25 subsidized housing units, an ISSP construction loan of €3,644,100, a construction cost subsidy of €841,000, and a repayment subsidy of €911,000 have been approved.
The 78 apartments range in size from 44 to 89 square meters, all feature a sunny south-facing balcony, offer barrier-free access, and some are wheelchair accessible. LEG is investing a total of approximately €18.5 million in this construction project. This includes €267,000 for the construction of an adjacent playground and green space, which LEG inaugurated in July of this year. LEG awarded all contracts to regional companies following a public tender process.
Background Erfurt-Ringelberg
With the construction of four apartment buildings, LEG is completing its final project in the Ringelberg development. Over the past quarter-century, the company has developed six residential phases here, creating housing itself and also developing land that it sold for construction – to investors for multi-story apartment buildings as well as to families building individual homes. The neighborhood is characterized by excellent social diversity, featuring rental apartments, condominiums, single-family and two-family homes, and subsidized housing. LEG manages 260 apartments in Ringelberg – not including the 78 units currently under construction – which it holds in its own portfolio. Currently, 4,200 Erfurt residents live in Thuringia's largest residential development, covering 120 hectares. Given the growth of the state capital and the high demand for housing – both in recent years and currently – the housing stock created and still being developed in Ringelberg makes a significant contribution to enabling people to live and work in Erfurt.
