Geneva: m3 Real Estate builds office and hotel complex
m3 Real Estate is building a development with an office complex, hotel and restaurant in Geneva's Plan-les-Ouates industrial district.
Abdallah Chatila, owner of m3 Real Estate, buys a plot of land in Geneva's Plan-les-Ouates industrial district (Zone de Dévelopement) on behalf of PI G32 and commissions m3 Real Estate to implement the Stellar 32 project.
The aim is to offer significantly more favorable rental spaces in the difficult Geneva commercial real estate market, the company says. Currently, space prices of up to 600 CHF/sqm are being called for in Geneva's city center. The new spaces on the outskirts of the city are to be let at an average price of CHF 280/sqm.
Stellar 32 is a superstructure with over 32,000 sqm of floor space. The property consists of three buildings with an eye-catching facade of polycarbonate and aluminum, designed by the consortium "Richter Dahl Rocha - ASDZ". In addition to the office property, a three-star hotel with approximately 100 rooms is under construction. In addition, an upscale restaurant and a food court are to be operated - as an alternative to the company cafeteria for surrounding companies. The remaining space is to be leased. The complex will also include 566 parking spaces.
The estimated cost of the project is CHF 200 million. Stellar 32 is scheduled to be ready for occupancy from summer 2019.
According to m3 real estate, many large real estate projects are currently being implemented in Geneva's Plan-les-Ouates quarter. The watch manufacturer Patek Philippe is expanding the manufactory located there by 50,000 sqm, the investment volume is CHF 450 million. Swiss Prime Site is developing the "Espace Tourbillon" project with 95,000 sqm of floor space. In addition, a new streetcar line will be put into operation from 2018. This will make it possible to reach the city center in 15 minutes.
