Shikun & Binui plans 40-floor Tel Aviv high rise

London ministore
London ministore

Shari Arison's real estate group is in the process of receiving approval for a mixed-use building on the site of the London Ministore parking lot.

Shari Arison's Shikun & Binui real estate group plans to build a 40-story high-rise on the site of the London Ministore parking lot, sources informed "Globes".

The lot, which is mostly owned by Shikun & Binui, spreads out over a half acre and received approval in 2007 for the construction of a 17-floor office building above commercial space.

The property was marked on municipality maps as intended for the construction of up to 40 floors, after receiving an exemption from building restrictions set by a UNESCO announcement of the White City as a world heritage site.

Under a plan promoted by the Tel Aviv municipality, the site would be part of an area restricted to construction no higher than 8 floors.

Such a plan would significantly reduce the value of Shikin & Binui's lot, as well as other similar lots like the ZOA House and Beit Sokolov, by tens of millions of shekels or more.

Shikun & Binui filed an objection to the new plan and asked the exemption from the planning restrictions be maintained, to allow it to construct a 40-floor building similar to other high-rises adjacent to the lot.

The objection was supported by the former city planner of Tel Aviv, Danny Kaiser. A report conducted in the wake of the objection recommended that Shikun & Binui's objection be accepted and the lot developed under a metropolitan commercial space adjacent to public transport -- allowing for the building of up to 40 floors.

The district-level planning and building committee decided to adopt the recommendation of the report and accept Shikun & Binui's objection.

"Globes" discovered that Shikun & Binui is currently determining which specific plan it should advance on the lot -- including the possibility of constructing a mixed-use structure with residential and office space, which would require changing the existing plan (and would take several years).

Shari Arison's apartment, it should be noted, is a few meters away from the property as are the offices of the Arison Group.

Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

London ministore
London ministore
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