Hamburg News: Trade and Finance. High-class shopping area in the city centre shown.
Passagenviertel / Alte Post © / Sven Schwarze

Hamburg's shopping malls get EUR 4.5 million cash injection

New business improvement districts to be created downtown and in Harburg. Owners promise investments

The senate agreed Tuesday to set up two new Business Improvement Districts (BID) and to invest a total of EUR 4.5 million in the designated market “Am Sand” in Harburg and the Passagenviertel in downtown Hamburg pending the request of at least two-thirds of property owners there. The upgrading will be funded by all property owners in the designated business sectors.

Lighting, vegetation and marketing measures

Since 2005, 25 innovative sectors have emerged at the “Am Sand” market and the Passagenviertel. Matthias Kock, State Councillor at the Authority for Urban Development and Housing, said: “BIDs have become a success story in Hamburg. And today, we can see that this model is suitable not only to top, wealthy districts, but also indicates that the commitment of property owners can be pooled in other areas which are no less important.”

The property owners are budgeting around EUR 85,000 for the BIDs in Harburg. The monies will be spent over three years on new lighting, more vegetation as well as marketing measures. The senate and district will put EUR 1.5 million towards the refurbishment of the historic market square.

EUR 3.5 million over five years

The second BID, Passagenviertel II, will continue the work ended on August 6th. The area earmarked for investments stretches from Poststraße, Große Bleichen and Bleichenbrücke near Jungfernstieg. During the first BID, around EUR 5 million went towards loading zones and parking management, new Christmas lighting and a new marketing concept. A total of EUR 3.5 million has been set aside for Passagenviertel II over five years to continue measures already introduced.

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