Hamburg's Mayor Peter Tschentscher has firmly rejected any financial involvement from the city in the continuation of the Elbtower project, responding to billionaire Klaus-Michael Kühne's recent demands.

Kühne had called for the city to collaborate with private investors to complete the stalled project, which has been on hold since October 2023 due to the insolvency of the Signa Group.

Tschentscher emphasized that the city stands by its agreements, having sold the land for €122 million and approved the tower's construction, with the project risk resting solely on private investors.

He expressed optimism that a private solution would be found for the Elbtower's completion in the second half of the year, despite the current construction halt at 100 meters height.

The Elbtower, once envisioned as Germany's third tallest building at 245 meters, remains a significant point of contention in Hamburg's urban development.