PROTECTION POWERS PRESERVATION

In this pre-1945 Gründerzeithaus in Vienna’s 17th district built in 1904, people live under different old rental contracts. The rents are low, about 2-6 €/ m². Buildings in Austria are not renovated because limited rent income prevents proper maintenance. Owners either demolish or sell them. This building has 20 apartments and 1.200 m² of total living space. It is currently advertised for €5.5M, but its realistic value is closer to €1.8M and it urgently needs renovation.

The project starts with the existing residents. After a collective neighbourhood meeting, they found an association to organize. The association then acquires the building right from the owners, paying a monthly building interest rate instead of a purchase price. While the owners receive this income, the association collects rents and gains right to manage and develop the house.

The association renovates the building and refinances the investment through a rooftop extension: four loft apartments with market rent. These additional incomes cover bank interest and loan repayment. Any long-term surplus remains within the association so existing tenants can stay at their current rents. This creates a win-win outcome: owners step back from the burden of an aging house while receiving steady income, and residents restore the building together.