"City Councillors Express Deep Concern over Benko's Tainted Reputation - Party Urges Instant Action"
In the heart of Munich, the historic Old Academy building complex remains a subject of interest and controversy. The lease of this iconic structure to Signa Holding runs until 2079, raising questions about its future and the potential for improvement.
For the city of Munich, good news seems scarce, and this lease agreement adds to the potential losses. The Old Academy, situated in the bustling pedestrian zone, has been idle since November 2023. The current status of the construction site, however, is not explicitly detailed in the latest updates.
The ÖDP (Green Party) faction in Munich's city council has expressed concern over the unkempt appearance of the Old Academy and other Benko leftovers scattered around the city, including the historic Hertie at the station, the old Karstadt on Schützenstraße, and the Old Academy itself. The party proposes a plan to revitalize the wasteland in front of the Benko ruin in the pedestrian zone.
The ÖDP also questions the longevity of these eyesores, stating that citizens and tourists will have to endure them for an uncertain period. They believe that the proposed improvements, which could include modular, cost-effective elements such as portable small trees, could improve the microclimate and make the city centre more livable.
Talks are ongoing between the Free State, creditor banks Sparkasse and Bayern LB, and potential investors. The estimated value of the Old Academy was 200 million euros according to IZ in 2022. However, a recent offer of 180 million euros was made, representing a significant reduction.
The sale of the Tyrol department store in Innsbruck, associated with René Benko, has found a new owner. This deal, managed by Norbert Abel, the insolvency administrator of Signa Prime, was successful and saw the Tyrol department store sold for 140 million euros, 60 million euros less than the estimated value of the Old Academy.
The Free State and potential investors are currently in negotiations behind the scenes. If the Free State were to take back the Academy, it could potentially sell the building freely, potentially avoiding the complications faced by the Signa insolvency administrator.
However, as of mid-2025, there is no publicly reported update or proposal about the construction status or improvement plans for the Old Academy site in Munich's pedestrian zone. For concrete details, checking municipal press releases or local planning authority communications would be necessary.
[1] Museum of Urban and Contemporary Art (MUCA) and Münchner Stadtmuseum [3] Sustainable projects and new public buildings in Munich [4] Recent architectural news in Munich
- The future of the Old Academy building, a landmark in Munich's business district, is uncertain, with questions arising about its potential for improvement and the impact on city finances due to its current state of idleness.
- politics played a role in the concerns raised by the Green Party (ÖDP) in Munich's city council, who voiced unease over the unkempt appearance of several abandoned structures, including the Old Academy, and proposed plans for revitalization.
- As the lease of the Old Academy expires in 2079, the potential for attractive real-estate investments, particularly in the finance and business sectors, remains complex and dependent on ongoing negotiations between the Free State, creditor banks, and potential investors. Meanwhile, the general news updates for the Old Academy's status in Munich's pedestrian zone have been scarce, effectively making it a topic of ongoing interest in urban development, architecture, and public policy circles.
