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 by a three-level, light-filled atrium. The 43- and 45-story towers will house up to 1,800 employees and contain 110,000 sq m of floor space.