Negotiations for the opera house have been ongoing for nearly three years, culminating just before the upcoming Bürgerschaft election.
Tschentscher has described the project as the most professionally planned initiative the city has ever undertaken, despite ongoing criticism.
Concerns have also been raised about Kühne's motivations, particularly given his investments in the nearby Elbtower, which has struggled to attract tenants.
The planning phase for the new opera house is set to begin next week and will include an international architectural competition, expected to last about two years.
The city of Hamburg has partnered with the Kühne Foundation to construct a new opera house at Baakenhöft, a project significantly funded by billionaire Klaus-Michael Kühne.
Kühne, who is 87 years old, pledged up to €330 million (approximately $343 million) for the opera house in 2022.
In addition to Kühne's funding, the city will provide the land and cover infrastructure costs, with a cap set at €147.5 million.
Today, Hamburg's Mayor Peter Tschentscher and Cultural Senator Carsten Brosda will present the planning and realization contract during a press conference.
While an architectural competition will be held, Kühne's approval will be necessary for the winning design, raising concerns about his influence over the project.
Critics, including the Denkmalschutzbund, argue that abandoning the existing Staatsoper for a new building is neither culturally nor financially responsible.
The current State Opera, built in 1955 and under monument protection, requires significant renovations and will need a new purpose.
The agreement for the new opera house requires approval from the Bürgerschaft, emphasizing the need for transparent competition guidelines.
