Canada Israel, owned by Barak Rosen and Assaf Tuchmeir, signed an agreement Sunday to rent 5,000sq.m. in its Blue Mall to Zara Israel, led by Joey Schwebel. The fashion brand will open a 2,500sq.m. flagship store, and use the remaining space for its additional labels, including Pull & Bear and Massimo Dutti.
The new mall will include Stop Market, which rented 2,000-sq.m., while talks are ongoing with other companies like H&M interested in a 3,000-sq. m. space and Adidas, which is looking at renting 500sq.m.; rental prices for the planned mall are around NIS 250 per sq.m. for large stores and NIS 500 for smaller shops.
Blue Mall, which will be built on a 9 acre plot and was planned by Moshe Zur, will include 30,000-sq.m. of commercial space on three levels, with a residential complex for assisted living above. Canada Israel has filed a request for a construction permit; the company believes work on the project will begin next year and the mall will be operational by the end of 2018.
The mall will be constructed near the sea on a plot west of the residential project Blue, also built by Canada Israel and recently completed. The parking lot will face towards Road 2 (the Coastal Highway) and a park will be added between the mall and the residential neighborhood.
Near the end of 2018, the Big Group also plans to open a mall close to the cinema city complex to compete with Blue Mall. The two shopping centers will be competing with the Ramat Aviv Mall, the Arena Mall, and the Seven Star Mall in nearby Herzliya.
Published by Globes [online], Israel business news - www.globes-online.com - on November 24, 2015
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