New Lineo Cinemas (2006) Ltd., owned by the Edery family and Walt Disney Company (NYSE: DIS) investment arm Shamrock Holdings, will build a NIS 600 million 25-screen multiplex and Disney amusement park at the Check Post exit from the Carmel Tunnel in Haifa. New Lineo owns the Cinema City Ltd. multiplexes in Ramat Hasharon and Rishon LeZion.
The entertainment complex will be built on an 80-dunam (20-acre) site and will include 50,000 square meters of cinemas and shops and a 30,000-square meter Disney amusement park. The land is owned by a local family.
The new complex will be near the Cinemall, which has stores and a 23-screen Yes Planet multiplex.
Haifa Mayor Yona Yahav said, "This plan expresses confidence in our plans to turn Haifa Bay in a thriving business area. The plan began with the municipality's assistance in the building of Cinemall and the upgrade of the mall, previously known as the Lev Hamifratz Mall, and the building of the transport hub for the cable car, which carries passengers up to the Technion and Haifa University."
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2011
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