The Tel Aviv Local Planning and Building Commission yesterday rejected most of the objections filed against the luxury high-rise project planned for Kikar Hamedina. The plan approved yesterday replaces an earlier plan for the construction of three 26-storey high-rises over a three-floor mall. The Planning Commission cancelled the mall in favor of residential use, which pleased local storeowners.
Under the new plan, the commercial building rights have been converted into an additional 11 floors of residential space, for a total of 40 floors above a two-floor lobby, adding 49 meters to the buildings to 153 meters. The Planning Commission explained that it "supported the proposal submitted by the landowners and the Tel Aviv Jaffa municipality under which most of the area of Kikar Hamedina will be kept at the level of the ring road, and construction on the site will be reduced."
The plan increases the number of apartments in the project to 453 from 387.
However, anyone at the municipality who believes that the legal fight against the project is over is making a big mistake. Adv. Tzvi Shoob said, "As a result of the approval of this plan, owners of apartments on the outer side of Kikar Hamedina's ring road will probably file hundreds of claims." He said that the apartment owners will increase their claims, and that hundreds of new claims will be filed. "The significance for the 500 apartment owners currently living in buildings around Kikar Hamedina is much greater density, traffic jams, being shadowed by the new towers, and serious loss of property value."
Shoob represents a large proportion of local apartment owners in their lawsuits for loss of property values resulting from the previous plan for Kikar Hamedina. These lawsuits amount to NIS 250 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2008
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