Shaya Boymelgreen's Azorim Investment, Development and Construction (TASE: AZRM) has shifted its focus to the prestigious Memorial neighborhood in Houston, Texas, and is going green.
Eighteen months ago, the group sold for $57.5 million land it bought four months previously for $34 million, slated for the Galleria Mall project in Uptown Houston, planned to be a $550 million residential and commercial project. It is now about to construct a prestigious residential project comprising two towers, at an investment of $200 million, in Memorial, and to build in accordance with the standards of the US Green Building Council.
The two towers will each be 28 floors high, and the project will include an 1,800 sq. m. spa. The project will be constructed on 5.25 acres of land that Azorim bought for $22 million in December 2006. Apartment prices in the new project are expected to start at $1 million.
Boymelgreen has started the process of obtaining an LEED rating, the US Green Building Council's method of assessing conformity with its green construction standards. In addition, in collaboration with Habitat for Humanity, which builds affordable housing for the poor, the existing disused commercial center on the site will be demolished and the materials will be recycled to build homes and community projects.
Published by Globes [online], Israel business news - www.globes.co.il - on April 9, 2008
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