The Tel Aviv Local Planning and Building Commission approved a plan developed by Vitania Ltd. (TASE:VTNA) for 100,000 square meters of additional construction in the Vitania Towers project at the intersection of Haheresh Street and La Guardia Street in Tel Aviv overlooking the Ayalon Highway La Guardia Interchange. The approved plan is an addition to 50,000 square meters already approved, construction of which is currently being completed at the location, including two vehicle display halls, with an office tower above one of them.
Now that the plan has been approved, two more office towers will be constructed on land owned by Vitania, giving the project a total of three 40-storey towers. The project is significant for the development of the southern entry to Tel Aviv. It will have 110,000 square meters of office space, 10,000 square meters of commercial space, 15,000 square meters of space in hotels and meeting halls, and 50,000 square meters of public space to be given to the Tel Aviv municipality. A direct pedestrian connection between the Hagana Railway station to the site is planned in the future, which will increase access to the site, in addition to its proximity to the Ayalon Highway.
Construction of display halls for BMW and Mazda Ford was already completed in the first stage of the project. The first of the three offices towers, with 40,000 square meters, is currently under construction, and will be ready for occupancy towards early 2020. Office space in the tower has already been marketed. "Globes" reported in May 2018 that the Gornitzky & Co. law firm had bought five office floors in it with a total of 6,300 square meters, plus parking, for NIS 80 million, and would move there from its current location on Rothschild Boulevard.
Vitania CEO Ofer Ziv said, "The Vitania Tel Aviv office towers project, which constitutes the southern entry gate to Tel Aviv, is being built now. The composition of rights in the project facilitates multiple uses and bustling life at all hours of the day and night. The combination of office buildings near homes, a hotel, and commerce guarantees the success of the place as a lively center of life 24 hours a day, not only during working hours. It will revolutionize the area."
Published by Globes, Israel business news - en.globes.co.il - on December 6, 2018
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