The mixed use high rise Somail project is located between Ibn Gvirol Street, Arlozorov Street, and Ben Soreq Street.
The final obstacle to the luxury high-rise planned for Tel Aviv's Somail lot in the heart of the city has been removed. The Tel Aviv Regional Planning and Building Commission's appeals committee rejected a petition by the lots' landowners against the lot consolidation and redivision plan for the southern part of the project.
The Somail project plan is for the construction of 970 apartments and commercial and office space in four 40-storey high-rises on the 45-dunam (11.25-acre) located between Ibn Gvirol Street, Arlozorov Street, and Ben Soreq Street. The lot is divided into two sections. The northern section is owned by several landowners; the southern section is owned by Lev Leviev-controlled Africa-Israel Investments Ltd. (TASE:AFIL), Yitzhak Tshuva-controlled Delek Real Estate Ltd. (TASE: DLKR), Shaul Elovitch-controlled Eurocom Global Real Estate Ltd. (TASE: EGRE), and private landowners. The southern section is zoned for 500 apartments.
The Tel Aviv Regional Planning and Building Commission approved the Somail project in 2005, and the Tel Aviv Local Planning and Building Commission approved two consolidation and redivision plans for the lots without the consent of the landowners. Four petitions were filed against these plans for the southern section.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2012
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