Another skyscraper is planned for the Diamond Exchange district in Ramat Gan. Sources inform "Globes" that Dan Real Estate of the Dan Public Transportation Company group is promoting the construction of a 70-floor tower on the site. The tower will offer 150,000 square meters of office and commercial space on five dunams (1.25 acres) on the west side of the Diamond Exchange site, close to the junction of Harakon Street and Menachem Begin Road. Design of the tower is by Miloslavsky Architects.
Dan Real Estate is busy signing up the holders of rights to the site, some 70 in all, and has already obtained the majority required in order to promote an Urban Building Plan that will allow it to demolish nine existing buildings, of four to five floors each, and erect the new tower. The deal with the rights holders is a combination deal in which it is estimated that they will remain with 40% of the rights. The rights holders are represented by the Naschitz Brandes Amir law firm.
Dan Real Estate has rights amounting to two floors in one of the nine buildings slated for demolition, and this was the trigger for it to promote the new plan vis-à-vis the other rights holders.
The company has several other projects planned for the Diamond Exchange site, among them a project at 6 Hayetzira Street for the construction of a 25-floor tower designed by Yashar Architects, owned by Avner Yashar. It is also promoting a plan for obtaining expanded rights in nearby Shap House, at 3 Hayetzira Street. The total additional space in these two projects will be 50,000 square meters.
In the new tower, the company plans mainly commercial and office space, but it is also considering including residential units, under the Outline Plan for the Diamond Exchange site (Plan RG/1800) which allows the construction of up to 250 residential units in a project of this kind, of not more than 50 square meters each, that is, "micro-apartments" that will probably be designated for long-term rental.
Just three weeks ago, "Globes" reported that Ayalon Insurance (TASE: AYAL), Valor Byron Real Estate, and B.S.R. Group had signed an agreement to collaborate in the planning and construction of a 00-floor tower project in the Diamond Exchange district, at an estimated investment of NIS 2.4 billion.
The Outline Plan for the Diamond Exchange area of Ramat Gan, approved in March 2022, is designed to turn the area into a metropolitan Main Business District, with very high-rise buildings and building rights of up to 3,000%.
Published by Globes, Israel business news - en.globes.co.il - on June 14, 2023.
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