HAMBURG, GERMANY—Unibail-Rodamco has signed an agreement with the City of Hamburg to develop a US $1.1-billion mixed-use complex in the Ueberseequartier district. Going up on 1.98 million square feet of land, the Paris-based owner-operator's project will include office, multifamily, hotel and retail components, with the 190-store retail component scheduled to open in the second half of 2021.

The project will be built in Hamburg's HafenCity urban redevelopment area, with an existing dedicated metro station and 2,950 new parking spaces. Unibail will develop it through its German subsidiary, mfi AG, the second largest owner of shopping centers in Germany. It will acquire a development site that has sat vacant since the 2008 financial crisis.

Christophe Cuvillier, Unibail's CEO and chairman, says the project is “perfectly in line” with his company's strategy to focus on the largest assets in prime European markets “and its ambition to accelerate its growth and create long-term value in Germany. After the award of the Neo/Mall of Europe project in Brussels earlier this year, the Group is proud to enter into a partnership with the City of Hamburg for the development of HafenCity, Europe's biggest inner city development project in one of the most dynamic regions of the Continent.”