90-floor fourth Azrieli tower approved

Azrieli Towers, photo: Thinkstock

The Tel Aviv District Building and Planning Committee has given its final approval for the tower on the site of former "Yedioth Ahronoth" building.

The Tel Aviv District Building and Planning Committee in the Planning Administration, headed by Daniela Posek, today approved the plan to build a fourth Azrieli tower. The tower will be constructed on the site of former "Yedioth Ahronoth" building, which was sold to Azrieli Group Ltd. (TASE: AZRG) in 2013 for NIS 374 million. The tower is planned to be 90 storeys high.

The plan proposes an expansion of the Azrieli Center northward in the direction of Noah Mozes Street, which will give it a total area of 40 dunam (10 acres). Construction rights in the plan total 112,000 square meters for commercial, business, residential, and protected housing use. 40 floors will be allocated for business, and 200 protected housing units, 60 apartments with up to 65 square meters each, and 240 housing units with an average of 100 square meters each will be built. The plan was drawn up by the Moshe Tzur architectural firm and commissioned by Azrieli Group.

When announcing its approval of the plan, the District Planning and Building Commission said, "The plan ensures a substantial improvement of the public space surrounding the project, including widening the sidewalks from three to eight meters for the benefit of pedestrians and bicycle riders. On the street level surrounding the plan, cafes will be built and instructions given for planting trees along Menachem Begin and Noah Mozes Streets. One of the most crowded transportation arteries in metropolitan Tel Aviv will become a bustling urban street. The plan also includes closing the ventilation shafts of the existing parking lots in the area in order to create a safe and pleasant space for pedestrians and bicycle riders."

The District Planning and Building Commission added that construction of an urban plaza with shaded seating was planned at the intersection of Menachem Begin and Noah Mozes Streets, and a "bicycle highway" was planned along the Ayalon Highway that would reach the compound, "as part of the general urban concept of encouraging the reduction of private vehicle use and the use of public transportation and bicycles in the area." The plan also includes 200 parking spaces for bicycles, and dozens more places will be spread over the compound.

The plan also proposes directly connecting the commercial floors of the new tower to the Red Line light railway station. The light railway is planned to pass through the compound and reach the Israel Railways station. In this context, the District Planning and Building Commission stated that details of this connection would be set when the planned extension of the Israel Railways Shalom railway station is completed.

Following the approval of the plan, Tel Aviv District planner Naomi Angel today said, "The request by Azrieli Group, the owners of the compound, to build the project has created an opportunity to rebuild the space for pedestrians, public transportation users, and bicycle riders on Menachem Begin and Givat Hatachmoshet Streets, and to create a suitable high-quality area giving priority to pedestrians and public transportation users… cafes will be built, with plentiful access to public transportation - light rail, bus stops, and Israel Railways."

Published by Globes [online], Israel Business News - www.globes-online.com - on October 23, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Azrieli Towers, photo: Thinkstock
Azrieli Towers, photo: Thinkstock
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