Ra'anana cinema to make way for housing

Itzik Baruch / Photo: Kfir Ziv
Itzik Baruch / Photo: Kfir Ziv

Ramot Ha'ir has obtained an option to purchase the site.

A company from the Ramot Ha'ir group reported an agreement today giving it an option to purchase the site of the Orot/Mofet movie theater in Ra'anana for NIS 165 million, plus VAT. The company will pay NIS 3 million for the option, which will be valid until January 2021, and NIS 162 million, plus VAT, for the land, if the option is exercised.

The existing urban building plan for the 5.6-dunam (1.4-acre) site is for 21,000 square meters of residences, commerce, and offices. Two six-storey buildings with a total of 156 housing units can be built above a commercial and offices floor on the land, plus underground parking lots. The Local Planning and Building Commission recently approved demolition of the well-known building, which was once Ra'anana's main movie theater. The land was sold years ago to private developers, and part of the buildings on the site were demolished, with a parking lot being constructed there.

Ramot Ha'ir is jointly owned by the Yuvalim group, controlled by Itzik Baruch, and Israel Levi Real Estate, and is managed by CEO Eliav Maimon. The company is currently constructing the Ramot Hasharon residential site in the Morasha neighborhood in Ramat Hasharon. Ramot Ha'ir also won an Israel Postal Company tender this year to buy the rights in the Israel Postal Company's site on Hahagana Street in Tel Aviv for NIS 155.2 million, not including VAT.

Published by Globes, Israel business news - en.globes.co.il - on January 23, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Itzik Baruch / Photo: Kfir Ziv
Itzik Baruch / Photo: Kfir Ziv
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