GERCHGROUP plans $1b Deutz area development

Düsseldorf-based project developer GERCHGROUP AG has acquired the DEUTZ AG site in Cologne-Mülheim, Germany. In the coming years, the developer plans to build a new city center on the approximately 1.7 million square feet of land.

GERCHGROUP intends to redevelop the former industrial site, which is close to the Rhine, to create a new city district with a high proportion of housing. According to local media outlets, the firm plans to invest €1 billion ($1.1 billion).

The project is slated for completion in 2018.