The Tel Aviv municipality’s minimum bid in its fourth tender for the site was $5.5 million.
Sources inform ''Globes'' that that Dankner Investments Ltd. won a Tel Aviv municipality tender for the Bezalel market for $6 million. This was the municipality’s fourth tender for the site. Ocif Investments and Development Ltd. (TASE:OCIF) placed second, with a bid of $5.9 million.
The Tel Aviv municipality’s minimum price for the 1.35-dunam (0.375-acre) Bezalel market site was NIS 25 million, or $5.5 million. The lot is zoned for 125 apartments, plus commercial and public space.
The Urban Building Plan (UBP) for the site permits the construction of two residential buildings and accompanying service areas with a total space of 12,800 sq.m. The contractor will also build public spaces and a kindergarten at his own expense. A cinema in the basement can be converted to commercial space after paying betterment tax. The complex will also have 200 underground public parking spaces adjacent to parking for the residents.
The Tel Aviv municipality will lease the site for 99 years. The winner of the tender must build the project within three and a half years, and provide a NIS 8 million performance guarantee.
Published by Globes [online], Israel business news - www.globes.co.il - on October 9, 2005