Vastint, Hines plan 1,700 homes in Germany

Vastint and Hines have bought the Glasmacherviertel site in Düsseldorf, Germany, through a joint venture in which Vastint is the majority holder. The roughly 2.1 million-square-foot former industrial site, once home to the Gerresheimer Glassworks, which shut in 2005, is to become a residential district.

Plans range from 1,600 to 1,800 apartments, with retail, restaurants and social infrastructure. Gross floor area is expected to be about 2.3 million square feet, at least 80 percent residential. Three historic buildings will be kept and public green space added. Building will proceed in phases, and the final design still depends on planning approvals.