Tidhar Group will develop and build a new high-rise office building in the Ramat Gan Diamond Exchange quarter, sources inform "Globes." Tidhar recently signed a deal with the owners of the land at 17 Abba Hillel Street, at the entrance to the Diamond Exchange area, on which currently stand a jewelry manufacturing plant. Under the terms of the agreement Tidhar will own 62% of the new development and the landowners 38%.
There are old municipal development plans for the lot but Tidhar will submit a request for a new plan that enlarges building rights to an estimated 20,000 square meters of office space.
The amount of parking space for the new project will be lower than in neighboring developments after the Planning Administration recently lowered parking allocation requirements as part of plans to encourage public transport. By the time plans for Tidhar's new development are approved and construction is completed, the light rail system by the Diamond Exchange should be close to operating.
Owned by executive chairman Gil Geva, Arye Bachar, and director Mark Weissman, Tidhar Group has previously built in the Diamond Exchange complex. In 2008, Tidhar teamed with Rogobin to develop and build the 34-floor Rogobin-Tidhar tower, which was completed in 2008. Tidhar, together with Rogobin and Aviv is currently building the 27-floor, 42,000 square meter office and commercial high rise at the corner of Tuval and Hayetzira Streets.
A survey by MAN Porperties in the second quarter of 2017 found that rents and occupancy for office space in the Diamond Exchange quarter and Tel Aviv were both rising slightly, especially as work on the light rail systems progresses.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2017
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