A 1936 building will be turned into luxury apartments in Tel Aviv.
Sources inform ''Globes'' that developers plan to convert a 1936 Bauhaus building on Dizengoff Circle in Tel Aviv into a luxury apartment complex. Billboards at the site are presenting the "In Dizengoff" project. Marketing of the project will reportedly begin in a couple of months and the apartments will be ready for occupation in two years.
The building at 94 Dizengoff Street was designed by architect Yehuda Magidovitch. It is one of the group of International Style, or Bauhaus, buildings in Tel Aviv's White City, which UNESCO declared a World Heritage Site in 2003.
The building was purchased from the heirs of the Mahala family for NIS 50 million in 2007 by The Financial Group, an investment house owned by Avi Roemi and others. The developer plans to renovate the building, while retaining its original style and the facade that faces Dizengoff Circle. The building will have 26 three or four-room apartments and penthouses. The renovation will also include two commercial floors with 1,200 square meters.
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2008
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