The Tel Aviv District Planning and Building Committee has deposited for public objections a plan to enlarge the Azrieli Center in Tel Aviv. Under the deposited plan, 40 dunam (10 acres) will be added to the Azrieli Center on its north side in the direction of Noah Mozes St., including the Yediot Ahronot plot, which Azrieli Group Ltd. (TASE: AZRG) bought three years ago for NIS 374 million.
According to the plan, an 85-storey high rise with 112,000 sq.m. of main space will be built on the site of the Yediot Ahronoth building. The tower will include commercial space, on top of the existing shopping mall, 40 business floors, 200 protected housing units, and 300 more small and medium-sized housing units, in addition to public space.
The plan will also upgrade the public space around the project by reducing the ground level parking space and widening the sidewalk to allow more pedestrian and bicycle traffic. Azrieli Group wants to gradually make the ground floor of the existing mall more accessible to the public, and is therefore recommending approval of more cafes on the front side of the building.
The plan proposes enlarged building rights without additional parking places, and includes parking solutions for bicycles and motorcycles. The area is very accessible by public transportation, including bus lines and the Red Line of the Tel Aviv light rail. Architect Moshe Zur designed the project.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2016
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