Department store ruin

“Value is land price minus demolition”

Ruined department store on Mariahilfer Strasse. The building site has been at a standstill for almost three months.(Bild: klemens groh)

The next refusal in the "who wants me game" for Signa's ruined department store. Spar is not interested in the shell of the building in Mariahilfer Strasse. This brings the demolition one step closer. 

What will become of the half-finished shopping block on Mariahilfer Strasse? Insolvency administrator Clemens Richter has reportedly put the "Lamarr" up for sale. The Spar retail group, which has long been rumored to be interested in the prominent location, has now declined. "Turning the shell of the building into a shopping center is not possible," Spar boss Hans K. Reisch explained to APA. He continues: "The value of this property is the land price minus the demolition costs."

Spar boss Hans K. Reisch(Bild: Eva trifft. Fotografie)

The search for interested parties is therefore focusing on those who are prepared to complete the project. This must be done within four years, otherwise the building permit will expire.

However, if no one is found, there will be a "huge problem" because of the liens, according to Reisch. Two banks are said to have had a 390 million euro loan to Signa secured in the land register. The construction site has been at a standstill for almost three months.

What happens next is completely open. The City of Vienna cannot do anything, its hands are tied. The building police only monitor whether the ruins are properly secured.