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On 2 April 2007, the foundation stone was laid in the warehouse Kaispeicher A, in presence of then First Mayor of Hamburg Ole von Beust, Hochtief Construction AG CEO Henner Mahlstedt, Hochtief project coordinator Hartmut Wegener, Hamburg Minister of Culture Karin von Welck and architect Pierre de Meuron.
In 2007, the construction was scheduled to be finished by 2010 with an estimated cost of €241 million. In November 2008, after the original contract was amended, the costs for the project were estimated at €450 million. In August 2012, the cost were re-estimated to be over €500 million, which should also cover the increased cost for a strengthened roof.
Construction work officially ended on 31 October 2016 at a cost of €789 million, with an announced opening date of 11 January 2017.
The easternmost part of the building will be rented by Westin Hamburg hotel, scheduled to open in November 2016. The upper floors west of the concert hall will accommodate 45 apartments.