Approximately 1,100 new student apartments and furnished serviced apartments will be build along Adickesallee – a major road in Frankfurt’s Nordend district – by the end of 2023. The driving force behind the project is Frankfurt School of Finance & Management, in a move to help alleviate the pressure on the city’s housing market for students. More than 80 percent of the apartments are earmarked for rental to students, including 400 at a predetermined price for Frankfurt School students. 140 apartments will also be funded by the Frankfurter Programm zur Wohnraumförderung für Studierende (Frankfurt Programme for Student Housing Development) launched in July 2016.
Following a series of successful negotiations, Frankfurt School has sold the property at 36-38 Adickesallee to Commerz Real, a Commerzbank Group company; ownership in the property will be transferred on 2 January 2020. The three existing buildings on the site are slated for demolition in early 2021. By the end of 2023, they will have been replaced by a residential complex providing roughly 39,000 square metres of living space. Most of the new complex will consist of student apartments, which will be available to all Frankfurt students; 140 of the apartments will be funded by the Frankfurter Programm zur Wohnraumförderung für Studierende (Frankfurt Programme for Student Housing Development) launched back in July 2016. Plans for the new complex also include a hotel featuring around 120 furnished serviced apartments for seminar participants plus a 600-square-metre fitness studio.
New acommodation makes Frankfurt School more attractive to students
“Our degree programmes enjoy an excellent reputation, both in Germany and abroad. But to attract students, we also need to be able to offer them proper accommodation in halls of residence,” explains Professor Nils Stieglitz, President of Frankfurt School. “The regional housing market is under considerable strain. International students in particular have little chance of finding a flat, or even a room in a shared flat. At present, Frankfurt School doesn’t have enough student accommodation to meet the high demand. And the project will benefit the city of Frankfurt by further raising the profile of the Campus Mile along the city’s northern ring road, the Alleenring.” Thanks to an accessible location with good transport links, the new halls of residence and hotel in Adickesallee will also attract students from Goethe University and Frankfurt University of Applied Sciences.
Partnering with i Live
“After the experience of building our new campus, we know just how resource-intensive construction projects are. Managing and running student halls of residence also requires a great deal of expertise, as well as suitable resources,” comments Karolina Kristic, CFO of Frankfurt School. The business school currently manages its halls of residence itself. “We would prefer to devote all our energies to our core activities – education, research and advisory work,” she says, adding that Frankfurt School does not currently have sufficient financial resources to invest in another major construction project. The business school moved into the new campus at 32-34 Adickesallee just two years ago, proud of the fact that the entire EUR 110 million investment was financed from Frankfurt School’s own resources.
Commerz Real’s joint-venture partner, i Live, will be in charge of building and operating the new residential accommodation. i Live specialises in project development and operates residential complexes all over Germany, including student accommodation. Frankfurt School has signed a cooperation agreement with Commerz Real under the terms of which a block of 400 apartments will be offered to Frankfurt School students at a rental price that has already been agreed. The contract will run for 20 years after the construction project has been completed. In addition, until the construction project has been completed, Commerz Real also undertakes to provide Frankfurt School students with guaranteed accommodation equivalent to that available in the business school’s existing student residence, either in Frankfurt or in the i Live Main Atrium complex in nearby Offenbach.