Azorim Investment, Development and Construction Ltd. (TASE: AZRM) will soon begin construction of Israel's tallest building. The company will build a 256-meter 65-floor building with 338 apartments on the site of the old Elite factory by the Diamond Exchange in Ramat Gan.
Across the street is 68-floor Moshe Aviv tower, but it is only 235 meters high.
A substantial number of apartments in Azorim's project will be two and three-room apartments. One floor will be a luxurious lounge for the building's residents.
Azorim and a group of diamond merchants bought the 11-dunam (3.75-acre) lot in 2007 for $80 million from a US company, Crescent Heights. After many planning changes, the lot was divided into residential and office use. Azorim will build the residential tower, designed by MYS Architects, and the diamond merchants will build an office building, under a separate plan.
Ramat Gan city engineer Haim Cohen told "Globes" that the plan was critical for the city, because it will increase the housing supply in a high-demand area with good transportation access, including the future Tel Aviv Metropolitan Light Railway. The historic building on the site, which served as the headquarters of Strauss Group Ltd. (TASE:STRS) until six years ago and is now occupied by the Shenkar College of Engineering and Design, is a designated landmark building
Architect Yossi Sivan said, "This will be the tallest residential building in the Middle East, located at the nexus of three cities - Tel Aviv, Ramat Gan, and Givatayim. An observatory will be located on the top floor, which will include a cafe with a panoramic vista."
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2014
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