SPD intends to raze Elbtower if required.

The controversy over the collapsed "Elbtower" structure continues to be a burden for Hamburg's Social Democrats.

May 21, 2024

2 min read

News, Hamburg City Hall, Tschentscher Peter, Hamburg regional news, Hot-Topics, Scholz Olaf, Benko René, SPD, Skyscraper, Hamburg, Hamburg regional politics and economy, Construction work

Embarrassing number: The disused Elbtower construction site is enthroned directly on the Elbe... — Embarrassing number: The disused Elbtower construction site is enthroned directly on the Elbe bridges, practically on Hamburg's doorstep

No investor, no business growth. - SPD intends to raze Elbtower if required.

Before moving to Berlin as finance minister, Olaf Scholz, the former mayor and current Chancellor, quickly organized a deal with the suspicious Austrian billionaire, René Benko (47). Unfortunately, the construction project has now come to a halt, and Benko is bankrupt. So far, no investor has shown interest in completing the high-rise building (245 meters, 950 million euros).

Now, Hamburg's SPD parliamentary party leader, Dirk Kienscherf (58), is attempting to manage the crisis. He is not ruling out the possibility of demolishing the building's framework. "We are responsible for the property, but it will be about using it. The question of whether demolition is an option may also arise," said Kienscherf on radio station NDR 90.3.

Kienscherf went on to say, "The only important thing is that we will not complete the Elbtower and we will not invest any taxpayers' money."

However, this may not be the case. If the city acquires the property back for 117 million euros in May, they would have to pay for the demolition of the building's shell, which currently has around 300 million euros invested in it.

Brings demolition into play: Hamburg's SPD parliamentary group leader Dirk Kienscherf (58)

Heike Sudmann (62), the Left Party's construction expert, believes Kienscherf's statements are a sign of desperation. "The Senate and SPD are panicking, hoping 'Short Olaf' won't bring them down in the upcoming elections. Perhaps no one informed him that the city would have to pay for the demolition itself, as confirmed by the Senate in my inquiry from the end of January 2024."

Mayor Peter Tschentscher (57, SPD) had repeatedly expressed that under no circumstances should taxpayers' money be used on the insolvent building.

Nevertheless, Hamburg registered its right to buy back the property with the insolvency administrator recently. The spokesperson for the city development authority stated that this was to maintain all possible alternatives.