But the group can only continue building once it has acquired the shell and reached an agreement with the provisional insolvency administrator and the creditors. In particular, the lenders who are protected in the land register can actually block a transaction. According to Signal Iduna, negotiations have been ongoing since the beginning of 2025. The change of ownership has not yet been completed.
Plans for a museum
The city of Hamburg now plays a key role. It wants to take over almost half of the finished building for a natural history museum and is offering a fixed price of 595 million euros. The sum is to be financed through loans and funds from the special infrastructure fund. The offer was made public in October 2025.
However, Mayor Peter Tschentscher (SPD) recently expressed skepticism. A lot of time has passed since the negotiations began without a contract being reached that excludes all risks for Hamburg. The city will not pay for a failed private sector construction project. She sees herself as a buyer of a completed part of the building: the developer has to build at his own risk, the city then checks the agreed service and only then pays the set price.
SPD parliamentary group leader Dirk Kienscherf is now increasing the pressure on private partners. There will be no offer higher than 595 million euros, he said. Now it is the turn of the investors to accept the offer and thus create the basis for further negotiations. From the SPD's point of view, it is not about saving the Elbtower, but about the possible accommodation of the Natural History Museum.
The purchase contract, parliamentary resolution and building permit are still missing
Even an agreement between the city and the consortium would not mean an immediate start to construction. First, the Hamburg citizens would have to agree to the purchase of the museum space. Although the SPD and the Greens have a comfortable majority, Kienscherf announced an audit in the interests of taxpayers, not in the interests of individual investors.
The consortium would then have to come to an agreement with the provisional insolvency administrator about the acquisition of the shell. The creditors would also have to approve the transaction. Only when ownership issues, financing and contracts have been clarified can further construction be prepared. While Tschentscher expresses doubts, Signal Iduna explains that the talks are being conducted constructively. The insurer believes that negotiations can be concluded by the end of the year. You can also hear in political Hamburg that the project must be in place by then - or not. At the moment, optimism prevails in government circles that common ground will be found.
There is also building law. According to the new plans, the Elbtower will no longer be 245 meters high, but only 199 meters high. According to the Becken Group, there is a positive preliminary building notice, i.e. a preliminary decision from the responsible authority. However, sooner or later a new building permit will be required for the changed planning. It is not publicly known how far the previous approval will continue.
Becken had previously estimated the construction time to be around three years, plus another year before occupancy. However, this assessment still referred to the original 245 meter high tower. There is therefore no reliable date for completion and opening.
