Gerch Group pays €212m for Frankfurt police HQ

The state of Hessen has sold Altes Polizeipräsidium, formerly a police headquarters, to the project developer Gerch Group for €212 million ($261 million).

Hessens Minister of Finance Thomas Schäfer said “sales proceeds benefit citizens in Frankfurt and the surrounding area. We invest in housing and education.”

The developer plans to develop a €800 million ($985 million) project. The building permit allows a mixed use of housing, office and hotel on the site, on which a high-rise building with a maximum height of 145 meters can be created.

Start of construction should be 2022 and completed by 2026.

According to local media outlets, the City of Frankfurt and land have been arguing about the sale.