45-floor tower approved for Ramat Gan's Elite Junction

Jabotinski Towers, simulation
Jabotinski Towers, simulation

The plan includes a tower with over 35,000 sq.m. of business and commercial space.

The Planning Administration's Tel Aviv District Planning and Building Committee has approved for deposit a plan for a business tower for Ramat Gan's Elite Junction. The plan will encompass a 14 dunam (about 3.5 acre) plot, between Jabotinski Street in the north, Arlozorov Street in the south and Elite Junction in the west. The plan is being promoted by Gan Elite Ltd. and Elite Top Ltd., owned by diamond traders.

The plan, drafted by architect Yoav Oman from Tito Architects office, includes a 45 floor tower with 33,000 square meter business area and 3,000 square meter commercial area, alongside a residential tower to be built by Azorim Investment, Development and Construction Ltd. (TASE: AZRM). In addition to business and commercial areas, 1,000 square meters have been were zoned in the plan for public needs.

In 2007, Azorim, together with a group of private diamond traders, bought the plot from the US company Crescent Heights, owned by Sonny Kahn, for $80 million. Since then, the tower's planning changed several times. Eventually, it was decided to split the residential and office building rights for the plot: Azorim will build the planned residential tower, while the group of diamond traders will build the office tower separately. Meanwhile, Azorim decided to put its residential tower plan on hold and cancel sale agreements signed with apartment buyers.

The office tower plan also includes a pedestrian passage connecting the business tower with the Arlozorov Street residential tower. As part of the plan, an underground tunnel for traffic that was to pass under the historical Elite factory was cancelled in order to avoid damage to the building, slated for preservation.

The plan is one of a range of other plans along Jabotinski Street and is in line with the planning policy expressed in the district master plan, which encourages an extensive concentration of business and commercial areas along the city's main traffic route, where the red line of the light rail will pass in the future.

Moreover, this project adds to the business area plans for Ramat Gan's Diamond Exchange area, which, together with other projects currently in their planning stages, would increase the supply of offices available in the area.

Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Jabotinski Towers, simulation
Jabotinski Towers, simulation
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