Tuesday, January 12, 2010

Approval finally granted for an extra 10 floors

Tel Aviv's White City Residence luxury apartment project being developed by ZMH Hammerman Ltd. (TASE:ZMH) and Eurocom Global Real Estate Ltd. (TASE: EGRE) in Neve Tzedek have received approval from the Tel Aviv Regional Planning and Building Commission to add ten more floors.

The high-rise tower will now have 40 floors instead of 30, and 168 apartments instead of 118, totaling no more than 5,775 square meters, and 10% more for balconies.

The White City luxury tower will be built by Uri Dori Engineering Works Corp. (TASE: DORI).

The project is part of the widening of Yitzhak Elhanan Street into a four-lane thoroughfare between the Shalom Tower and the seafront. The plan includes public spaces alongside the road on land currently occupied by the Bet Yaakov school, which is moving to Bnei Brak.

The plan also calls for a 10 meter island along Yitzhak Elhanan Street with a sidewalk, cycle track and two strips of trees.

Source Globes

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