Vastint and Hines have acquired the Glasmacherviertel site in Düsseldorf, Germany, through a joint venture, with plans to develop approximately 1,700 apartments.
The joint venture, in which Vastint holds a majority stake, plans to transform the approximately 2.1 million-square-foot former industrial site into a residential neighborhood. Current plans call for between 1,600 and 1,800 apartments, along with retail, restaurants and social infrastructure.
The development is expected to include approximately 2.3 million square feet of gross floor area, with at least 80 percent designated for residential use.
The property was previously occupied by the Gerresheimer Glassworks, which closed in 2005. Plans include public green spaces and the preservation of three historic buildings on the site.
The project will be developed in phases, with the final design subject to ongoing planning and approval processes.
