Pending agreements between the Ministry of Finance, Israel Land Authority, and the Tel Aviv-Jaffa Municipality are due to pave the way for four residential and office projects as part of the contract for financing the Tel Aviv Light Rail's underground Green Line along Ibn Gvirol Street in the city.
Under the agreements, the Arlozorov Railway Station will be moved to an alternative site above the Ayalon Freeway, and 1,300 apartments will be built on the original site. An 80-storey skyscraper, Israel's tallest, will be built on the Kirya corner, between Shaul Hamelekh Boulevard and Menachem Begin Road. The Israel Land Authority will market the land. A 45-storey office tower and two 45-storey residential high-rises with 540 apartments will be built next to it.
An additional 278 apartments will be built at the corner of Kaplan Street and Da Vinci Street, and a mixed-use office and residential tower will be built on Dubnov Street, nearby.
Putting the Green Line underground along Ibn Gvirol Street will cost an estimated NIS 2 billion, which will be financed by marketing the land that is the subject of the agreements between the Ministry of Finance, the Israel Land Authority, and the Tel Aviv-Jaffa Municipality.
The municipality said in response, "The Tel Aviv-Jaffa Municipality has always played, and will continue to play, an active role in fostering the Dan Region Metropolitan Mass Transport System, as it is critically important for the future development of the city and metropolitan region. Putting the lines underground in crowded urban areas is important from the point of view of both the urban environment and efficient transport, and we welcome the decision and the agreements reached with the Ministry of Finance and Israel Land Authority."
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2012
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