Credit Suisse (CS) and HRS Investment have won the investor competition for the Hardturm site in Zurich. The «Ensemble» project convinced the jury, and the city government went along with its decision, the city of Zurich announced Tuesday (press release only in German).

The «Ensemble» project includes the building, financing, as well as the operation of a football stadium for 18,500 spectators. Two 137-meter residential and commercial towers are also part of the plans. The towers will contain 173 community housing apartments.

Barend Fruithof on the Board

This is the second time CS has been chosen to build a football stadium on the empty Hardturm site. This time HRS Investment is part of the deal, with former CS banker Barend Fruithof on its board. He left CS last year to become Swiss chief at Julius Baer.

The first project, worth 350 million Swiss francs, planned to use the stadium for other commercial purposes but it was shelved following objections from residents. They were unhappy about the shadow that the building's shadow would cast on residential areas, and about increased traffic.

500 Million Building Costs

Building costs for the new project are estimated at some 500 million francs. To generate a return on the investment, the «Ensemble» project also includes more than a simple football stadium. The city of Zurich is not contributing to the venture, after a city-led stadium project was rejected by voters in 2013.

The completion of the investor competition is seen as an important step for the city. As a potential co-developer, CS realises that the project still has to go through the political process and will ultimately be voted on again by the people of Zurich. How long this will take is far from clear.