After Signa Bankruptcy: Future of Shipyard Area in Korneuburg Remains Uncertain

The project, once planned as a joint venture between Signa and the city, had stalled. Now Signa wants to sell the shares, as reported by ORF Lower Austria on Monday. Meanwhile, the municipal council decided in the spring to impose a construction freeze on the peninsula, and the environmental impact assessment procedure submitted to the state was withdrawn.

The project was announced in 2021 as an "attractive district for living, working, culture, leisure, hotel, and gastronomy." On an area of 15 hectares, "high-quality living space for 1,400 to 1,700 people" was to be created along the Danube. The total investment volume was estimated at 500 million euros. Later, the project was downsized, and now it is history for the time being.

Future plans will likely need to be coordinated with a new owner by the city. It is unclear whether the area will be sold as a whole or the properties individually, Signa told ORF. It also remains open whether there are already interested parties.

Purchase to be discussed in the municipal council

For the city, purchasing the island or parts of it is a topic, said Mayor Christian Gepp (ÖVP) to ORF Lower Austria: "The question is, of course, what price is being speculated on and what price will be set on the market. We will certainly discuss this in the municipal council."

Currently, the focus is generally on the mainland, where development is to be maintained, according to Gepp. "On one hand, we have the shipyard halls that we want to renovate. We also have the opportunity to establish businesses, and this also involves the topic of social housing and leisure. We want to tackle this."

The SPÖ emphasized the demand not to "leave the area to real estate speculators again." The Signa insolvency is "a unique opportunity to bring the area into public hands and develop it into the Danube Island of Korneuburg as a recreational area for all of Lower Austria," highlighted state party leader Landesrat Sven Hergovich and Deputy Mayor Bernadette Haider-Wittmann in a joint statement. A joint project by the city and the state is necessary.

(APA/Red)

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