The new building will also commemorate a darker past to the older market building, whose cellars were rented by the Nazis. Between 1941 and 1945, around 10,000 Jews were congregated in the cellars before being sent to concentration camps. Under a 8.4 million euro project funded mostly by the city of Frankfurt, with a 1 million euro contribution from the ECB - according to figures quoted in the Wall Street Journal -- the ramp and cellars will be a holocaust memorial.
The integration of old and new has not made for an easy journey from conception to completion, and the building work has been subject to delays and over-spending.
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The building was designed by Vienna-based architecture firm "Coop Himmelb(l)au" which won an international competition to design the building in 2005. Preliminary construction work started in October 2008 and the building was meant to be completed by the end of 2011.
The main construction work didn't start until spring 2010 and the building is ready for its new inhabitants in November 2014.
Defending the delays to the build, the ECB said on its website that there had been "two major challenges unforeseen in 2005."
"First, that the original tender for a general contractor did not yield a satisfactory result and the ECB had to change to a different contractor model," the ECB said. "And second, the Grossmarkthalle – a large industrial heritage building from 1928 – presented a number of challenges that were not detected in the initial examination conducted prior to the acquisition."
In 2005, the overall investment cost (including construction costs) was estimated at 850 million euros at constant prices, but the bank's cost prognosis now is estimated to be approximately 1.15 to 1.2 billion euros, a spokeswoman for the ECB, Andrea Juerges, told CNBC.