Representatives of the Rishon LeZion municipality and the Ministry of the Interior have reached agreement on a scaled down plan for a commercial zone in the Me’uyan Soreq lot. The plan, which must now go forward for review and approval by the Central Region District Planning and Building Commission, will not allow for the building of a commercial project by Gazit-Globe (TASE: GLOB), but it will allow IKEA Israel to open its second store.
Under the compromise, the site will have a number of large lots for logistical use. Located at the entrance to site will be one purpose-built commercial center with regional characteristics which make it unsuitable for city centers. The agreement calls for the building of a single standalone large commercial center that cannot be divided into separate stores - in effect the IKEA Store. Adjacent to the store will be a lot with 3,000 square meters only of space for commercial use.
Despite the agreement between the two sides, no date has yet been set for a review of the plan by the commission although it is expected to give it the green light when it is finally convened.
A spokesman for the Rishon LeZion Municipality said, "The municipality's representatives have presented a scaled-down plan for the site to the regional planner. We have not yet been informed of a date for the review by the regional commission."
Published by Globes [online], Israel business news - www.globes-online.com - on April 8, 2008
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