Iceland Mag

9 Reykjavik

Iceland Mag


Work starts to replace last remaining monument to 2008 crash with a Marriott hotel

By Staff

  • The hole The construction site next to Harpa concert hall has stood empty since the summer of 2008. Photo/Vilhelm

Construction work is set to begin on a Marriott hotel next to the concert hall Harpa early April, the local TV station Stöð 2 reports. The hotel is expected to open in early 2019. The construction would obliterate the best known and most visible monument to the 2008 financial crash.

Monument to 2008 financial crisis

Harpa Concert hall construction site, Marriott hotel

The site next to Harpa The Marriott hotel is at the center of the picture Photo/Valli

The construction site next to Harpa has stood empty since the fall of 2008 when the construction of a “Reykjavík World Trade Centre” and the headquarters of failed Landsbankinn bank was abandoned due to the financial crisis and the collapse of the Icelandic banking system.

Instead of being dominated by bank headquarters the site will now see a 253 room five star Marriott Edition hotel. Work on the car park beneath the hotel is scheduled to start early April. However, the site is still expected to see the construction of bank headquarters, although these will be smaller and less imposing than those which were being planned in 2008.

Condos, shops and a bank 
The hotel will be located next to Har  pa, in the northern part of the site. A multi apartment building with shops on the ground floor and 73 condos on the upper floors will be constructed south of the Hotel, next to the harbour. 

The third major construction on the site is owned by the bank Landsbankinn which was founded on the ruins of its namesake which collapsed in 2008. The bank is planning to build new headquarters at the site. 

Harpa Concert hall construction site, Marriott hotel
Design of the construction site Harpa in the upper left corner, Marriott hotel in center, apartments to its south. The final site, at the intersection, is owned by Landsbanki bank. Photo/T.Ark


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