Capital Group is organizing a buyers group to build a 20-storey high-rise with 50 apartments at the corners of Balfour Street and Harav Kook Street in downtown Bat Yam, 600 meters from the Mediterranean.
The lot was originally occupied by the house (since demolished) of architect Mordechai Meir, who designed Tel Aviv’s first skyscraper, the Shalom Tower, and founded Bank of Jerusalem (TASE: JBNK).
The project will cost an estimated NIS 35 million to build, with occupancy due in three years.
A fifth-floor 105-square meter (net) four-room apartment in the project will cost an estimated NIS 1.15 million, and a tenth-floor four-room apartment with a balcony and sea view will cost NIS 1.22 million.
Alberto Gabsu and Sons Ltd. and developer Shmuel Arviv bought the land in 2004, in two separate deals for $2.55 million altogether.
Published by Globes [online], Israel business news - www.globes-online.com - on October 4, 2009
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