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Subsidized housing construction is on the rise. Private investors are putting the brakes on it

Subsidized housing construction is on the rise. Private investors are putting the brakes on it
Construction work will begin at the local train station this year.
Image: Renderings: TP3 Architekten, Bauconsult Wels
Subsidized housing construction is on the rise. Private investors are putting the brakes on it
Ralph Schäfer, city councilor for planning
Subsidized housing construction is on the rise. Private investors are putting the brakes on it
The project on Bahnhofstrasse is also affected by the operator’s insolvency.
Image: Renderings: TP3 Architekten, Bauconsult Wels

Just a few years ago, the real estate developers in the Wels building department gave each other the door handle. In the meantime, the euphoria for privately financed housing has given way to a leaden heaviness. “It is currently impossible to create residential property. We are already seeing the first project applicants switching to building rental apartments,” says Planning Councilor Ralph Schäfer (FP).

Where construction is currently underway

The Gerstl subsidiary Norikum is currently building 154 condominiums on Europastrasse. It is reported that exploitation is difficult given the strict lending guidelines.

The homestead will start its project at the local train station in the third quarter of 2024. The first of seven construction phases includes 58 apartments, four shops and eight offices. 206 apartments will then be built in several stages. The major project was preceded by a competition with 16 architectural firms. The aim is to create a mix of rental and property.

Subsidized housing construction is on the rise. Private investors are putting the brakes on it
Ralph Schäfer, city councilor for planning

Realtreuhand is building 40 rental apartments including an underground car park in the area. Sales begin in spring and construction work begins in autumn. Completion is 2026.

A construction project by the Wels company Trio is being built on Grünbachstrasse on the premises of the DAF-Fiedler company. The new Hygge residential complex (good life – translated from Danish) in the Scandinavian wooden architectural style will have up to 30 apartments when completed.

Nothing has progressed for years, but now something is moving in the residential and commercial property run by Raiffeisen Wels from KJ to Rablstrasse. Following a change in the development plan, work is scheduled to begin this year.

Subsidized housing construction is on the rise. Private investors are putting the brakes on it
The project on Bahnhofstrasse is also affected by the operator’s insolvency.
Image: Renderings: TP3 Architekten, Bauconsult Wels

Years of standstill

Using all resources, the magistrate completed the construction project on Wiesenstrasse planned by the church-affiliated ELAG in 2020/21: “All that was missing was the signature of the dedicator,” remembers city councilor Schäfer. Since then, the largest construction project in the city, with a gross floor area of ​​40,000 square meters, has been on hold. Potential anchor tenants like eww, which wanted to locate its headquarters, have long since moved away. It is rumored that ELAG wants to get rid of the project and is looking for buyers.

It was not just since Bau & Boden went bankrupt that an ambitious construction project on the B52 site in Bahnhofstrasse came to a halt. Originally, 65 apartments with 70 underground parking spaces were to be built. Up to nine floors were planned. After the operator went bankrupt, a buyer was sought.

“We build for people and not for investors,” emphasizes Schäfer. At the same time, he acknowledges their hardships: “The times are challenging for the construction industry.”

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