Tel Aviv Sarona project buyers oppose market

Homebuyers claim that a planned "market" will lower property values in the luxury project under construction.

Homebuyers in the luxury Sarona project under construction by Gindi Holdings Ltd. in the south Kirya in Tel Aviv are demanding that the Tel Aviv Local Planning and Building Commission reject the company's request for a building permit to build a market at the project's entrance. They claim such a market would lower property values.

The letter by 235 homebuyers says that they were "stunned to learn about the request for the building permit for a market at the project's entrance." They contend that the market is a material breach of the project's plan documents and provisions and directly harms the homebuyers.

The Sarona project includes three luxury high-rises with a commercial ground floor. Its sales office is branded as the "Sarona Market". The homebuyers claim that the commercial ground floor should have a public character, including a list of uses, including "eating and drinking houses", and that a market is not included in it. They claim that the developers are seeking a permit for the placement of 100 food stalls in thousands of square meters on the entrance floor, eliminating the separation between the commercial and residential spaces, thereby lowering property values.

Gindi Holdings said in response, "Gindi Holdings has no intention of establishing a market in the Sarona site. The area is commercial and is building in accordance with an approved Urban Building Plan."

Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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