Due to the current economic situation, the Ziegler Group will not invest in the “New Life on the Lake Promenade” project in Kemnath. Ziegler originally wanted to implement the €100 million project, which is based on plans from an ideas competition, as the sole investor. The order for the project and the contract were received in autumn 2021. 97 residential units, commercial buildings, an ecological wooden parking garage as well as a restaurant and a hotel were to be built on a four-hectare area. At the beginning of this year, people were still optimistic that construction could start at the beginning of 2024, but after renewed examination it is no longer economically feasible given the deteriorating general conditions.
“We are in the process of transforming from traditional timber frame construction to modular construction, which in our view offers many advantages in terms of time and cost efficiency that unfortunately could not be used for the project in Kemnath,” says the press release.