The lot, which is in the city's central business district adjacent to the Azrieli shopping mall, is zoned for 37,000 square meters of office and commercial space.
Azrieli Group Ltd. (TASE: AZRG) announced today that it has won an Israel Land Authority tender to purchase leasing rights for a 17,300 square meter lot in the center of Modi'in. The lot, which is in the city's central business district adjacent to the Azrieli shopping mall, is zoned for 37,000 square meters of office and commercial space. Azrieli Group will pay NIS 51 million for the lot and NIS 37 million to develop it.
Azrieli Group built the Modi'in shopping mall in 2008 and the adjacent Palace sheltered housing project in 2018. In another nearby 5,300 square meter lot in Modi'in city center, Azrieli Group is currently building a commercial and office project and 80 apartments as well as a 50-room hotel.
Published by Globes, Israel business news - en.globes.co.il - on October 7, 2019
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Modi'in city center lot / Photo: PR