Construction began in May on a new headquarters complex for the European Central Bank in Frankfurt’s Ostend district, flanking the Main River. Designed by Coop Himmelb(l)au, based in Vienna, the energy-efficient design includes a geothermal heating system. Gassmann + Grossmann Baumanagement GmbH is the construction manager on the project. It is expected to be completed by 2014, at a cost of $1.05 billion. The 12-hectare site was formerly home to the Grossmarkthalle, the city’s wholesale produce market; the 12,500-sq-meter market building is being restored and incorporated as part of the bank complex. The complex’s centerpiece will be two towers linked
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.