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August 25, 1995 - Image 53

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-08-25

Disclaimer: Computer generated plain text may have errors. Read more about this.

First of Michigan

is proud to announce that

Hotel in the north to Ramat Po-
leg in the south.
The area will be developed by
private investors as well as the
municipality. Most of the private
land is in the northern and cen-
tral areas, where developers will
construct high-rise buildings and
private houses.
According to the municipali-
ty, most of the project's building
will be for tourism, commerce
and housing. In total there will
be 933 private houses, 1,228
apartments and 4,295 hotel
rooms or holiday apartments. In
addition, 226,500 square feet of
commercial space and 320 rooms
for senior citizens will be devel-
oped. An area will be allocated
for a country club.
Hotels will be built on most of
the government-owned land in
the south.
Netanya mayor Zvi Poleg
said he expects the area to
develop into one of the nicest
tourism and housing areas in
the country. He said the de-
velopment program places a
strong emphasis on space and
construction of buildings with
a maximum view of the sea.

Sheldon L. Rosenberg

Senior Vice President

and

Alan A. Gildenberg

Assistant Vice President-Investments

have joined our firm.

We wish them a big

The Netanya
municipality plans to
invest $140 million.

Netanya's Tourism and De-
velopment Company is in charge
of all infrastructure work, in-
cluding roads, water, sewage and
public parks.
The municipality said it plans
to pave a scenic road which will
connect the residential areas to
the hotels. The municipality also
plans to shift Ben-Gurion Av-
enue (the major road connecting
Netanya to the southern inter-
change) to the east to create a
larger area for residential con-
struction.
The development plan also
involves construction of a pump-
ing station and the removal of
the city's garbage dump to Ash-
dod. Mr. Poleg said the munici-
pality is reconsidering its plans
to construct a marina in reaction
to the damage caused to Herzliya
beaches following the construc-
tion of that city's marina. Mr.
Poleg said Netanya may decide
to build a small anchorage for
yachts instead of a marina.
Netanya is negotiating with
leading tourism companies and
contractors. Recently the mu-
nicipality signed its first agree-
ment with Dizengoff Trade. The
company won a contract to de-
velop a site north of Feldman
House into a hotel, commercial
center and country club. Dizen-
goff, which offered $15.04 million
for the site, was the only compa-
ny to participate in the tender.
The minimum price was $15 mil-
lion. El

Mazel Toy!

First of Michigan Corp.
6230 Orchard Lake Road, Suite #230
West Bloomfield, Michigan 48322
(810) 855-2100
(800) 654-1443
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Institutional Banking

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INVESIMENTS

Herman Schwartz

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Senior Vice President - Investments

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6230 Orchard Lake Road, Suite 230
West Bloomfield, MI 48322

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(810) 855-2100
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53

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