The real estate plans formed by fashion company Castro, controlled by the Rotter family, were recently approved for deposit at the Tel Aviv District Planning and Building Commission, sources inform "Globes." The plan applies to a seven-dunam (1.75-acre) lot owned by Castro located at the intersection of ORT Israel Street and Hasolelim Street in the Bat Yam industrial zone, where Castro has its management headquarters and offices.

Castro developed the plan, which includes a mixture of business, commerce, and residences on the site. The Tel Aviv District Planning and Building Commission recently approved the plan for deposit and public objections. The plan allows construction of a project with 30,000 square meters of business and commercial space in a seven-storey building that also contains 1,300 square meters of space for public use, plus two 38-storey residential towers containing a commercial floor, six floors of offices, and 31 residential floors with 225 apartments. 20% of the apartments will have up to 80 square meters of space each. The company will later decide whether to move its offices to a new location or switch to the new building under its ownership. The plan, designed by the BLK Architects and Town Planners architectural firm, also won support from the Bat Yam Local Planning and Building Commission.

Over 10 plans were approved in recent years in the 960-dunam (240-acre) Bat Yam industrial zone, thereby turning it into a business area that also includes commerce and residences. The lot is located west of Highway 20 (Ayalon Highway) and the Israel Railways station; the Tel Aviv light rail will also run nearby in the in the coming years. The proximity to the Tel Aviv light rail Red Line gives the advantage to mixed uses of business, commerce, and residences with approval for fewer parking spaces.

Published by Globes [online], Israel business news - www.globes-online.com - on July 10, 2018

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