Nuremberg's mega-project "The Q" on the brink of collapse: society is broke, negotiations fail

Status: 21/09/2023, 20:56 p.m.

By: Felix Herz

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Because the responsible society is supposedly broke, the mammoth project "The Q" threatens to fail. Now the city of Nuremberg is fighting for its preservation.

Nuremberg – Offices, apartments, but also social facilities: The mega construction project "The Q" is intended to breathe new life into the former Quelle site in Nuremberg. But now the project threatens to come to an end. The responsible society is supposedly broke. This is reported by Bayerischer Rundfunk (BR).

This is what it should look like: The construction project "The Q" on the former Quelle site in Nuremberg. © Gerchgroup

According to the report, the Gerchgroup had already ordered a construction freeze at the beginning of the week. Its subsidiary, which was supposed to implement "The Q", is apparently bankrupt.

Nuremberg's mega-project "The Q" threatens to fail: Now the city is fighting for its preservation

Despite the financial problems of the Gerchgroup, the city of Nuremberg was confident until the end that "The Q" could be implemented as planned. The tenor of the project developer was similar: they want to find solutions as quickly as possible, they say. But the project is on hold indefinitely, negotiations between Gerch and "an institutional investor based in Bavaria" have failed, writes the BR: The financier has stopped payments to Gerch.

According to city spokesman Andreas Franke, the financier is the Bayerische Versorgungskammer (BVK), which is also the owner of the affected component. Even after receipt of the project company's insolvency application, the City of Nuremberg assumes that "The Q" as well as the municipal office building will be completed.

The BVK had indicated to the city that it would complete the project.

This is how the city of Nuremberg wants to fight for "The Q"

Even if the chain of bad news around "The Q" is getting longer and longer, this does not mean the end of the construction project, city spokesman Franke told BR: "The Gerchgroup is only in possession of two components. The other components, on which housing is to be realized, already belong to other companies. They have also expressed to the city that they stand by their projects."

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As a city, it is in constant contact with all parties involved and will also remain the anchor tenant for the office building of "The Q" with around 1400 employees. All approval procedures would be continued. "A clear commitment to 'The Q'," says Franke.

Can Nuremberg's mega-project "The Q" still be saved? BVK is optimistic

There is also great interest in realising the project on the part of BVK. In a statement to BR, it says it is optimistic about the ongoing talks with all parties involved. "The capital management company commissioned by BVK has fulfilled all obligations under the purchase agreement in full and on time at all times. On the basis of the contract, we looked for solutions that unfortunately did not lead to feasible proposals from the Gerchgroup. We regret the insolvency of the Gerchgroup and the project company associated with the project."

Contact with the provisional insolvency administrator and thus with the Gerchgroup is to be maintained, and talks with construction companies, planners and other project participants are already underway. They are confident that the construction work could be restarted soon. The overarching goal of BVK remains the completion of "The Q", it is said.

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