Eindhoven’s failing Muziekgebouw is set to receive a financial stopgap in a €1 million government grant through the so-called Regiodeal (regional deal).
The money is an important step towards a long-term solution for De Heuvel and the Muziekgebouw, the city council said. Earlier reports said six regional investors had pledged €1.2 million for the project. The government will contribute €1 million.
The aim of the project is to restore the Muziekgebouw and De Heuvel, in alignment with the development of the city centre surrounding the latter.
Both buildings have battled financial hardship for several years. The council rents the Muziekgebouw building from global investor CBRE in an agreement stipulating a significant annual increase in rental price. The Muziekgebouw has faced increasing losses as a result.
Despite a major renovation two years ago, many units in De Heuvel shopping centre remain vacant. Shopping habits among the public have changed considerably in recent years, something many retail chains have been unable to keep up with.