Gazit-Globe Israel, a subsidy of Gazit-Globe Ltd. (NYSE: GZT; TASE: GZT; TSX: GZT), will build a shopping center and three residential towers on a nine-dunam (2.25-acre) site that it owns in partnership with the heirs of Adv. Moshe Shuv. Gazit Israel bought half of the land from the Shuv family eight years ago, and has since promoted construction plans for doubling the construction rights on the site.
The site is located at the western end of Einstein Street, where a number of projects have been going ahead, including by the Hajaj Group, which is constructing a number buildings in the area.
According to the approval by the District Planning and Building Commission, there are two alternatives: one with 148 120-sq.m. housing units and the other with 212 80-sq.m. housing units (both with security rooms and balconies).
The plan provides for one 25-storey building and two 12-storey buildings. If Sde Dov Airport is not vacated, however, buildings in the area will be restricted to 12 storeys, in which case Gazit-Globe Israel will have to deploy its construction rights differently, and perhaps construct a fourth building. The construction will be above an 8,000-sq.m. shopping center.
Gazit-Globe Israel owns 11 "G" shopping centers around Israel with an aggregate total of 210,000 sq.m. of commercial space.
Gazit-Globe Israel said, "Gazit-Globe Israel is constantly acting to maximize its rights at the planning level for all the land it owns, and the company is therefore pushing forward the planning process, in cooperation with its partner in the land and the project architect, in order to maximize all its rights in this land.
"For the land in question, the company has enlarged the commercial space to 8,000 sq.m., and has also increased the residential rights in the land. The company has a partner in the land, and together with him, we will consider how to proceed in order to exercise the rights in the project according to the approved urban building plan. The company does not intend to engage in other business that is not part of its core specialty.
Published by Globes [online], Israel Business News - www.globes-online.com - on January 25, 2017
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