Tel Aviv deputy mayor Doron Sapir: So long as there is no thorough clean-up plan, there is no point in recommending the urban building plan.
The Tel Aviv Local Planning and Building Commission has recommended to the Tel Aviv Regional Planning and Building Commission not to go ahead with a proposed mixed-use project for the 55-dunam (13.75-acre) Israel Military Industries Ltd. (IMI) Magen lot because the land and groundwater are severely contaminated. The lot is located at the intersection of Hashalom Road and Aliyat Hanoar Street on the border of Tel Aviv and Givatayim.
The IMI Magen factory that previously occupied the site manufactured light arms until 1996. The land is owned by the Israel Land Administration (ILA). An urban building plan (UBP) from 1999 approved the site for offices, residential high-rises, and public buildings with an aggregate space of 87,000 square meters. 848 apartments were slated to be building in 43-storey high-rises. The contamination was discovered after IMI vacated the premises.
© Copyright of Globes publisher
Sunday, April 20, 2008
Ocif sells Tel Aviv penthouse for NIS 23.5m
The penthouse in Ramat Aviv has a sea view
Sources inform ''Globes'' that Ocif Investments and Development Ltd.
OCIF has sold a 520-square meter 16th floor penthouse with a sea view in Ramat Aviv Gimmel for NIS 23.5 million. The buyers are Israelis.
Sources inform ''Globes'' that Ocif Investments and Development Ltd.
OCIF has sold a 520-square meter 16th floor penthouse with a sea view in Ramat Aviv Gimmel for NIS 23.5 million. The buyers are Israelis.
Harel buys building rights for Tel Aviv office tower
The 22-storey building is slated to be completed and occupied in 2011.
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and Dikla Insurance Company Ltd. have bought the building rights for a proposed office building to be built on Harakevet Street in Tel Aviv for $55-60 million. The sellers are Electra Real Estate Ltd. (TASE:ELCRE) and its partners, Litav-Mitav Ltd., Neeman-Nir Projects and Building Ltd., and Megama (A.B.I.) Ltd.
The 20,000-square meter building is slated to have 22 or 23 floors above a commercial floor and five underground floors for parking and storerooms. The purchase price is based on an annual rental return of 8.25% when the building is fully leased to third parties or 7.75% if it is leased to government offices, a bank or a company rated AA or higher.
© Copyright of Globes Publisher
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and Dikla Insurance Company Ltd. have bought the building rights for a proposed office building to be built on Harakevet Street in Tel Aviv for $55-60 million. The sellers are Electra Real Estate Ltd. (TASE:ELCRE) and its partners, Litav-Mitav Ltd., Neeman-Nir Projects and Building Ltd., and Megama (A.B.I.) Ltd.
The 20,000-square meter building is slated to have 22 or 23 floors above a commercial floor and five underground floors for parking and storerooms. The purchase price is based on an annual rental return of 8.25% when the building is fully leased to third parties or 7.75% if it is leased to government offices, a bank or a company rated AA or higher.
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Gov't okays more construction workers from Judea, Samaria
The cabinet approved the addition of 5,000 Palestinian construction workers at its weekly meeting on Sunday. The decision was a victory for the Association of Contractors and Builders in Israel, which had been lobbying for months for increased manpower. The industry has not been able to attract Jewish workers.
The decision boosts the number of Palestinian construction workers by 30% from the current 14,250. The workers will come from the Palestinian Authority, but not the Gaza Strip.
In early 2007, the government decided to gradually cut the quota of foreign construction workers from the current 15,000 to zero by 2010. Contractors said that the decision did not provide an alternative source of manpower.
The decision boosts the number of Palestinian construction workers by 30% from the current 14,250. The workers will come from the Palestinian Authority, but not the Gaza Strip.
In early 2007, the government decided to gradually cut the quota of foreign construction workers from the current 15,000 to zero by 2010. Contractors said that the decision did not provide an alternative source of manpower.
Africa-Israel Housing to develop new Tel Aviv apartments
The 13-storey building in the Florentin neighborhood will be surrounded by a park for local residents.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) has bought land zoned for 135 apartments in the south Tel Aviv neighborhood of Florentin for NIS 40 million, announced CEO Yoam Keren. He estimated the proceeds from the project at NIS 170 million.
The 2.5-dunam (half-acre) lot between Levinsky St. and Markolet Street was bought from private owners in a combination deal. Africa-Israel Housing will build two and three-room apartments in a multi-wing 13-storey building. Apartments on the top floors will be able to see the Mediterranean. The building will be surrounded by a park for local residents.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) has bought land zoned for 135 apartments in the south Tel Aviv neighborhood of Florentin for NIS 40 million, announced CEO Yoam Keren. He estimated the proceeds from the project at NIS 170 million.
The 2.5-dunam (half-acre) lot between Levinsky St. and Markolet Street was bought from private owners in a combination deal. Africa-Israel Housing will build two and three-room apartments in a multi-wing 13-storey building. Apartments on the top floors will be able to see the Mediterranean. The building will be surrounded by a park for local residents.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Jerusalem to get Waldorf Astoria
Hilton and the Reichman family are renovating a historic hotel.
a joint venture Hilton Hotels Corp. and IPC US REIT (TSX:IUR), controlled by Canada's Reichman family, has signed a management agreement to manage Jerusalem's Palace Hotel under the Waldorf Astoria brand. IPC is investing $100 million in renovating the historic building, which will have 220 rooms and suites and 30 residential apartments in an adjacent building.
The Palace Hotel at the corner of King David Street and Agron Street in downtown Jerusalem, was designed by a Turkish architect and built in the 1920s. The Ministry of Industry, Trade and Labor occupied the building for decades. IPC Jerusalem bought the property from the Israel Land Administration (ILA) on the promise of preserving and renovating it. Five floors will be added to the rear side of the building.
© Copyright of Globes Publisher Itonut
a joint venture Hilton Hotels Corp. and IPC US REIT (TSX:IUR), controlled by Canada's Reichman family, has signed a management agreement to manage Jerusalem's Palace Hotel under the Waldorf Astoria brand. IPC is investing $100 million in renovating the historic building, which will have 220 rooms and suites and 30 residential apartments in an adjacent building.
The Palace Hotel at the corner of King David Street and Agron Street in downtown Jerusalem, was designed by a Turkish architect and built in the 1920s. The Ministry of Industry, Trade and Labor occupied the building for decades. IPC Jerusalem bought the property from the Israel Land Administration (ILA) on the promise of preserving and renovating it. Five floors will be added to the rear side of the building.
© Copyright of Globes Publisher Itonut
Developers unite against Azrieli in Holon bid
Sources inform ''Globes'' that Amot Investments Ltd. (TASE:AMOT) and Ashtrom Properties Ltd. (TASE:ASPR) are jointly bidding against Azrieli Group subsidiary Canit Hashalom Investments Ltd. in a NIS 700 million tender for the construction of a high-tech and business park in Holon.
The Holon Economic Development Corporation closed the tender last Thursday. The proposed high-tech park on a 52-dunam (13-acre) site is aimed to compete against Kiryat Atidim in north Tel Aviv and Park Azorim in Petah Tikva. Holon's project is due to have 85,000 square meters of office space, 10,000 square meters of commercial space, 20,000 square meters of service space, and 90,000 square meters of underground parking.
The Holon Economic Development Corporation closed the tender last Thursday. The proposed high-tech park on a 52-dunam (13-acre) site is aimed to compete against Kiryat Atidim in north Tel Aviv and Park Azorim in Petah Tikva. Holon's project is due to have 85,000 square meters of office space, 10,000 square meters of commercial space, 20,000 square meters of service space, and 90,000 square meters of underground parking.
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