The construction of the synagogue was financed by public and private funding. The state of Saxony-Anhalt provided a financial grant of €4,200,000 and the state capital of Magdeburg donated the building plot. Thanks to numerous donations and sponsors, in particular the Evangelical Church District of Magdeburg, the synagogue community and the support association together initially raised the "own contribution" of €600,000. Together with the state of Saxony-Anhalt, they were then also able to absorb the unavoidable price increases. As a result, the building project could be realized by the company "Toepel Bauunternehmung GmbH Magdeburg" as general contractor on the now parish-owned property.
On September 14, 2022, the foundation stone was ceremoniously laid under the patronage of Minister President Dr. Reiner Haseloff and with great public participation and media coverage throughout Germany.