St. Pölten's "Rossmarkthöfe" mired in bankruptcy turmoil
In the heart of St. Poelten, the future of the Rossmarkthoef project, a planned revitalization of the city centre, remains uncertain following the bankruptcy of developer SUBA AG.
The insolvency proceedings for SUBA AG, which filed for bankruptcy earlier this year, were initiated at the Vienna Commercial Court. The company, which had a debt mountain of 226 million euros, was responsible for the development of the Rossmarkthoef project, a venture worth over 100 million euros that was planned for the former Leiner area.
The insolvency administrator is currently examining the viability of SUBA AG, but the city of St. Poelten has not mentioned any specific plans or timeline for the development of the former Leiner area beyond expressing hope for a quick resolution to the insolvency proceedings. Thomas Kainz, spokesman for the city, hopes that the procedure will be completed soon to allow for a positive development.
The Rossmarkthoef project, which was intended to feature offices, apartments, a hotel, and a panoramic restaurant, has not yet begun construction. The financing for SUBA AG's restructuring efforts will be achieved through the sale of real estate from non-insolvent subsidiaries.
Despite the setback, the central location of the former Leiner area, between the town hall square and the promenade, makes it still highly interesting for new investors. The area was a topic of conversation at this year's MIPIM, an international property market event.
The city of St. Poelten intends to continue the development of the former Leiner area, and some investors have shown great interest in the site. The future of the Rossmarkthoef project could involve several scenarios: new ownership, reorganization, or even project cancellation due to financial constraints or legal issues.
As the situation evolves, local authorities and community groups may play a role in determining the project's future. For the most accurate and up-to-date information, it would be best to consult local news sources or official announcements from relevant authorities in St. Poelten.
The insolvency administrator's examination of SUBA AG, the bankrupt developer responsible for the Rossmarkthoef project, is crucial for the future finance and potential restructuring of the project, valued at over 100 million euros. In light of the ongoing insolvency proceedings, new investors might find the central location of the former Leiner area, home to the Rossmarkthoef project, an attractive opportunity for real-estate investing, given its robust business potential featuring offices, apartments, a hotel, and a panoramic restaurant.
