Frankfurt, 11 July 2016 – Heureka Development has acquired an office building at Kennedyallee 89, Frankfurt, opposite the “Villa Kennedy” 5-star hotel. The property is to be converted to a high quality serviced apartment complex. 62 serviced apartments are planned, together providing al-most 2,000 sq m of residential accommodation. The floor areas of the individual residential units, which are primarily aimed at discerning business people, range between 22 and 50 sq m. Construction is scheduled to start in the 3rd quarter of 2016.

The operator of the residential complex will be iPartment GmbH, which already successfully oper-ates similar residential concepts for commuters in Frankfurt, Cologne and Essen. In both 2014 and 2015, the company’s flagship building in Frankfurt was awarded first place in the “Gross & Grossartig” [lit. “large and magnificent”] categories at the “So!Apart” industry meeting of serviced apartment operators.

Heureka Development has now acquired for conversion the seven-storey Kennedyallee 89 prop-erty, built in 1978. The vendor, WV Energie AG, had its headquarters there until a few weeks ago.

After completion, scheduled at the end of 2017, the individual serviced apartments will have real wood parquet flooring, designer kitchens and bathrooms with exclusive brand-name furniture. The fit-out will also include underfloor heating, cooled ceilings and balconies. The clear height is 2.70 m. There will be up to 16 underground and 4 surface parking spaces for the residents.

The location has optimal access. Frankfurt Central Station and the Airport are each within a few minutes’ drive.

Robert Waidhaas, Director of Heureka Development, comments: “At present the demand for high quality serviced apartments in Frankfurt is insatiable. We are therefore confident that our offer will hit the nail on the head. In iPartments we have found a partner that is an acknowledged expert in this field, with the highest aspirations in terms of fit-out, aesthetics and service.”