The lot is zoned for construction of a 21-storey luxury high-rise with 76 apartments.
Sources inform ''Globes'' that Gemolab Real Estate has bought the Hashoftim parking lot at the corner of Ibn Gvirol St. and Shaul Hamelekh St. from Ashdar Building Co. Ltd. and Sahar Development & Investments Ltd. (TASE:SAIN-M) for $18.5 million.
Gemolab is heading a consortium of 76 investors, equal to the number of apartments to be built on the site. It will soon choose a contractor by tender for the luxury residential project. The lot is zoned for construction of a 21-storey high-rise with 76 apartments of 120-220-sq.m. each.
Published by Globes [online], Israel business news - www.globes.co.il - on October 2, 2005