City of Zurich and Welti-Furrer conclude barter deal
The City of Zurich is exchanging land in the industrial district for a residential property in Altstetten. In addition, Welti-Furrer will build more affordable housing than previously planned.
Welti-Furrer Immobilien AG is building a commercial and residential development in stages on a site on Pfingstweidstrasse between Hardbrücke and Turbinenstrasse. For this purpose, the real estate company also wanted to acquire urban parcels on Turbinenstrasse with a total area of 2,234 sqm. As an exchange object, it offered the residential property at Eugen-Huber-Strasse 61 and 63/Stampfenbrunnenstrasse 24 in Altstetten, built in 1982, with 18 apartments.
The Zurich City Council initially demanded that Welti-Furrer also build at least 974 square meters of affordable housing in the new superstructure and rent it out for 25 years according to the principle of cost rent.
But that was not enough for the finance committee of the city council, which looked into the deal last summer: The city council should demand more affordable housing and oblige Welti-Furrer to offer it for a longer period, it demanded. In renegotiations, it has now been achieved that the real estate company offers more affordable housing in its planned superstructure than previously planned, the city of Zurich says. At least 1,333 square meters will be rented out at low prices for 30 years.
There are no changes to the other provisions of the exchange transaction. The market value of the parcels of land that the city is giving away is CHF 15.437 million. The residential property is worth CHF 14.01 million, which is why Welti-Furrer will make an additional payment of CHF 1.43 million to the city. (ah)
