Big Plans For Europe's Largest Development

"The northern German port city of Hamburg is undergoing a facelift. Or, more accurately, the city is getting a second half. HafenCity -- Harbor City -- is its name, and the hugely ambitious project is the largest such development project currently in progress in Europe. Fully 12,000 new apartments are to be added to the current 14,000 that already exist in Hamburg's city center. Vast quantities of new office space are also being built along with shops, culture facilities, a new science center and a shiny new university campus."

"What's more, each apartment complex, office building and public space is being opened up for architects to submit their designs, meaning HafenCity, when it is finished somewhere around 2020, will be an architectural smorgasbord with few equals. Rem Koolhaas is already on board to design the science center. Italian architect Massimiliano Fuksas has come up with a dramatic new cruise ship terminal and hotel. And Herzog & de Meuron have designed a stunning new home for the city's philharmonic orchestra."

"The final price tag for the city won't be too high either. Because the city owns much of the land, it is funding its share of the development project -- some €1.3 billion to be spent largely on roads and other infrastructure -- with lot sales. The rest is being carried by private investment."