Tel Aviv's skyline continues to grow higher. The Tel Aviv Local Planning and Building Commission yesterday allowed the adding of floors to the Meier on Rothschild luxury residential skyscraper to a total of 37 floors. The building is owned by Berggruen Residential Ltd. (TASE:BRGN.B1), owned by Nicolas Berggruen and his partners Hagag and Cohen.
The approval brings Meier on Rothschild almost to the height of the Neve Tzedek by the Sea skyscraper, which is being built by Eurocom Global Real Estate Ltd. (TASE: EGRE) and ZMH Hammerman Ltd. (TASE:ZMH). In January Tel Aviv Local Planning and Building Commission allowed the adding of ten floors to this project, bringing it to 40 floors.
However, the planning commission rejected Berggruen's request to add 16 floors to an office building.
Meier on Rothschild will cost an estimated NIS 200 million to build. The building permit issued in August 2009 allows 92 apartments on 27 floors, although the blueprint was for 32 floors above the ground floor and basement. This has now been increased to 37 floors.
Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2010
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