Rotterdam-based developer Red Company and European privately-held property firm Redevco have joined forces to develop a 159metre high residential tower in Rotterdam.
Designed by Powerhouse Company, the BaanTower will be one of Rotterdam's most sustainable apartment buildings with reduced energy demand served by renewable sources, an innovative thermal energy storage solution, and a green roof and roof terrace to encourage biodiversity.
Situated in the heart of the city’s Baan Quarter, the future 38,250 m2 landmark will have 427 rental apartments, of which 30% are in the mid-market segment.
The new joint venture is an example of Redevco’s diversification strategy and reflects the firm's sustainability efforts, the company said in a statement. For Red Company, which started the development of The BaanTower in 2015, it means a first-time residential investment.The asset is being financed by ABN Amro.
Herman Jan Faber, head of Business Development at Redevco said: 'We believe that cities should make a positive contribution to the health & wellbeing of both people and planet. One of the areas in which we can help make that happen is through building sustainable, high-quality homes. The collaboration with Red Company fits this ambition.'
Nanne de Ru, founder of Red Company added: 'From the start, our dream has been to design, develop, build, and invest in The BaanTower. With this collaboration, we are making that dream a reality. It will allow us to ensure the long-term quality of the rental housing while at the same time achieving our ambition in terms of sustainability and high-quality design.'
Construction of The BaanTower is expected to commence in September 2023 with a delivery scheduled for 2026.