After a dispute extending over 30 years, a mediation settlement has been achieved between the management of the Ramat Gan Diamond Exchange, Isras Investment Co. (TASE: ISRS), and the Ramat Gan Municipality, who jointly own a 6.25 acre site in the Ramat Gan Diamond Exchange district. The settlement paves the way for construction of the ambitious IDE Towers project, which includes a 120-floor high-rise, which will be the tallest building in Israel, as well as two other high-rise buildings with 77 and 88-floors.
The project was approved by the Ramat Gan Local Planning and Building Committee in April 2019 but the dispute between the landowners prevented progress.
"Globes" has learned that there was a bone of contention between Isras controlling shareholder Shlomo Eisenberg, which owns 7% of the land, and the Ramat Diamond Exchange, over building rights. Under the plan, the D Mall, owned by Isras will be demolished, so that the project can be built. Under the terms of the compromise reached last Monday, the Ramat Diamond Exchange will fully own the 120 and 77-floor towers and the 88-floor tower will be shared. Diamond Exchange president Yoram Dvash wrote on his Facebook page that this is an historic mediation agreement.
The Diamond Exchange was represented in the negotiations by Advs. Amir Amar and Shmuel Eini.
The new high-rise complex at the Ramat Gan Diamond Exchange has been designed by architect Avner Yashar. He said that the 120-floor tower would set new standards of high-rise architecture in Israel. "we have worked day and night planning this tower. We are talking aobut 360,000 square meters in one tower, which has no precedent in Israel. The challenge was to create a lightweight, flowing shape and not a huge tower on an inconceivable scale. We looked for softness in the tower. There are 120-floors of various sizes ranging from 1,800 to 4,000 square meters. It is in fact three towers of 40-floors each, one on top of the other."
Ramat Gan Mayor Carmel Shama Hacohen believes the project will be completed in eight to ten years. He said, "I know that the surveys have been talking about a surplus of office space for many years. But I know one thing. There are not many locations like this. There are not many with accessible transport infrastructures. That is the strength of the project despite its complexity, its size and its significance. It's clear that there is a lot to be done. We are aware that this is an unprecedented project on a national scale."
The project has still to be approved by the Ramat Gan Diamond Exchange management and the Tel Aviv District Planning and Building Committee.
Published by Globes, Israel business news - en.globes.co.il - on December 23, 2020
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