[MakkabI]
October 7th, 2004, 10:29 AM
The company will build a 25-storey residential high-rise on the site for $6 million.
Mizrachi and Sons have bought the disused Hadar Cinema in Givatayim from Eli Abulafia and the Rejwan family for $6 million. Mizrachi and Sons initially offered $5.5 million for the building. The contractor will demolish the building, once of the the city's oldest and best-known cinemas, and build a 25-storey residential high-rise with 53 apartments on the site for $6 million. The high-rise, Mizrachi and Sons' first project in the city, will be Givatayim's tallest building.
Mizrachi and Sons are negotiating with Discount Mortgage Bank (TASE:DMBK) and Tefahot Mortgage Bank, one of which will probably provide financial coverage for the project.
The original Urban Building Plan (UBP) for the site permitted the construction of 35 apartments and 2,500 sq.m. of income-producing space: 1,645 sq.m. of commercial space and 800 sq.m. of offices. Mizrachi and Sons decided not to build the commercial and office space, instead building 18 more apartments. The company argues that demand for residences in Givatayim is heavy, while marketing office space has been hard lately, especially in residential areas. The company changed the UBP accordingly, even though there is strong demand for commercial space in the area.
Published by Globes [online] - www.globes.co.il - on September 26, 2004
Mizrachi and Sons have bought the disused Hadar Cinema in Givatayim from Eli Abulafia and the Rejwan family for $6 million. Mizrachi and Sons initially offered $5.5 million for the building. The contractor will demolish the building, once of the the city's oldest and best-known cinemas, and build a 25-storey residential high-rise with 53 apartments on the site for $6 million. The high-rise, Mizrachi and Sons' first project in the city, will be Givatayim's tallest building.
Mizrachi and Sons are negotiating with Discount Mortgage Bank (TASE:DMBK) and Tefahot Mortgage Bank, one of which will probably provide financial coverage for the project.
The original Urban Building Plan (UBP) for the site permitted the construction of 35 apartments and 2,500 sq.m. of income-producing space: 1,645 sq.m. of commercial space and 800 sq.m. of offices. Mizrachi and Sons decided not to build the commercial and office space, instead building 18 more apartments. The company argues that demand for residences in Givatayim is heavy, while marketing office space has been hard lately, especially in residential areas. The company changed the UBP accordingly, even though there is strong demand for commercial space in the area.
Published by Globes [online] - www.globes.co.il - on September 26, 2004