Dan Group asking NIS 200m for Arlozorov 17 penthouse

The new project with 131 apartments is being built on the corner of Tel Aviv's Dizengoff and Arlozorov Streets.

80 years after the members of the Dan Bus Cooperative bought a 32 acre lot on the corner of Arlozorov and Dizengoff Streets in Tel Aviv for its depot, the Dan Group today presented details of the luxury Arlozorov 17 tower to be built on the cite. The 29-floor high-rise will have 131 apartments covering 27,000 square meters. All units above the sixth floor will have sea views.

The project has already put on the market several months ago an 850 square meter penthouse for NIS 200 million. The income from the project will be divided up between the 2,000 shareholders of the Dan Bus Cooperative and AMD, the bus company's real estate arm. The company believes it will get the price it is asking for the penthouse "and maybe even more."

The company is investing NIS 850 million in the project. Work on digging the foundations has already begun and marketing is about to be officially launched. In pre-sales, the company said, seven apartments in the project have been registered for a total of NIS 70 million. Apartments range in size from 70-170 square meters and the building will be occupied at the end of 2016.

The project has been designed by architect Moshe Tzur and include two buildings with a glass atrium between them. 119 apartments will be in the towers and there will be 12 other units in a two-floor building connecting the two towers. The project will include a swimming pool, spa and fitness room, garden with public access, a private car park and 163 stores being developed by Tel Aviv-Jaffa Municipality.

Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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