The developers plan to build a 30-storey office tower on the site.
Electra Real Estate bought 33% of a 3 dunam (0.75 acre) plot at 58-64 Harakevet St., Tel Aviv, from the Neeman-Eitan group for $2.1 million. The plot is zoned for construction of 212% of built-up area, but the local planning committee has approved 450% construction, amounting to 13,5000 sq.m., plus service areas. Neeman-Eitan is controlled by developer Moshe Neeman.
Electra Real Estate and Neeman are also negotiating to buy the adjacent 1.2 dunam (0.3 acre) plot at 54 Harakevet St., for an estimated $2.1-2.2 million. The developers intend to combine the plots, which will enable them to build a 30-storey office building that will have 18,900 sq.m. of main space.
Published by Israel's Business Arena on 22 July 2001