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On the contrary, the site is quite active with construction workers.
Currently building the underground service entrance that unlike regular parking floor or tunnel should also accommodated big containers and heavy cargo trucks.
 

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Below the underground connection they plan to build a heigh-chilling banquet hall of 6.20m and underneath the hall 3 levels of underground parking lot. In short, they still have got a lot of soil to get rid off...
 

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Wow.
We are talking at least 20 more meters down.
They are going to reach beyond groundwater level.
This is going to take a while.
But why?
Why would anyone want to hold events in an underground hall 15 meters below surface?
If am reading the plan correctly I would say approx. 7 meters down.
And yes, they're likely to reach beyond the groundwater level; this is what the pipes on top of the piling walls are used for.

Personally I hate underground halls :)
(invokes a chilling experience at the TLV InterContinental)
 

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Wholeheartedly agree with the concerns regarding Nitsba. Construction progress of every protect the company involved is notoriously slow. It seems the developer and owner is channeling funds/cash from the firm to his pocket, otherwise its hard to reason why such a company with well diversified portfolio of properties either in Israel and abroad having some difficulties to meet its commitments.
 

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The couple behind Nitsba (Tsoof&Mimon) are well regarded corporate raiders. Their measures is first to downsizing the day-to-day operation and then liquidating the company's assets. Thus, it may only be a matter of time when they will start winding up their entire portfolio.
 

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Foundation is being constructed at a slow pace and shall remain so untill the developer can transfer part of the risk for more certainty to a large hotel group (Hyatt, Accor, Carlson Rezidor, etc.).
 

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Seems the developers disagree with you view :)

Firstly, there is ample of underground parking space in the vicinity.

Secondly, the ROI on such a project is not beneficial as building a parking lot from ground and above. The costs of building underground parking is nearly half a dozen more.
 
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