Controversial architect Ilan Pivko, the Aviv architect firm, and former Israel national football team player Itzik Zohar are organizing a consortium to bid for a two-dunam (half-acre) lot on Amichai Paglin St. in Tel Aviv’s New Ramat Aviv Gimmel neighborhood. The Israel Land Administration (ILA) is selling the land.
Many contractors will reportedly participate in the tender, because this is the last remaining lot in the area owned by the ILA. Pivko’s consortium wants to build an eight-storey high-rise with 24 apartments, including garden apartments, duplexes, and triplex penthouses. Pivko will personally design the building, and provide interior design services for the apartments to his partners.
The consortium’s managers say apartment prices in the project will be significantly lower than normal for the area. A 130-sq.m. apartment will probably cost $385,000, a 180-sq.m. duplex with an 80-sq.m. balcony will probably cost $550,000, and a 225-sq.m. triplex penthouse with a 75-sq.m. rooftop balcony will probably cost $1.5 million.
The lot is located west of the Gimmel Towers project that Ocif Investments and Development Ltd. (TASE:OCIF) is now building.
Published by Globes [online], Israel business news - www.globes.co.il - on November 1, 2005