%
7. 2
CURRENT INTEREST RATE AVAILABLE
ON A TAX-DEFERRED FIXED ANNUITY!
Shop Till You Drop,
Israeli Style
Call Dan Barish at (810) 948-2902 for more
information on fixed or variable annuities. mutual
funds. and other securities.
Azrieli's latest project encompasses mega office, commerce and retail
complexes.
/—
` -,
M
As a dedicated professional
of Comerica Securities, Dan
will personally assist you in
GALIT LIPKIS BECK SPECIAL TO THE JEWISH NEWS
ore than 15 years have procedures and a suit filed by the
passed since the Tel Shalom Centers Company,
Aviv Municipality first owned by Ashtrom, which corn-
announced plans to turn peted against Canit in the tender
the eastern part of the city, adja- to develop the area.
Shalom Centers sued the Tel
cent to the Ayalon highway, into
a modern area of office and com- Aviv Municipality, Canit and its
merce buildings. While it is not former architect Eli Attia, who
yet possible to see anything new was fired from Canit almost im-
in the district but a large hole mediately after the company won
with tractors, developers of the the tender. In the suit, Shalom
Hashalom Project have already Center claimed the municipality
leased almost all of the commer- preferred Canit's proposal over
cial space and started to market their's because of Attia's design
the three high-rise towers that and presumed continued in-
are expected to change the city's volvement in the project. Once
Canit fired Attia, the plaintiffs
skyline.
The Hashalom Project is the argued the city was not obliged
largest development ever under- to keep its contract with Canit.
taken in the country. The $300 About eight months ago, Tel Aviv
million project is even considered District Courtruled in favor of
Mr. Azrieli's winning bid, giving
big by American standards.
The eight-acre area is located him the green light to start con-
between the Ayalon Highway struction.
"They sued us because of sour
and Derech Petah Tikva across
grapes.
They invented accusa-
from the General Staff head-
quarters. Upon completion it will tions against us and the city,
include a 42-story circle tower, a which were rejected by the court.
37-story triangle building and a They were instructed to pay court
32-story square building. It will
also have a 2 112-story retail com-
plex that will include leasable
space and parking facilities for
3,600 vehicles.
The project is being developed
by Canadian millionaire David
Azrieli, who has almost 40 years
of experience in the design, con-
struction and management of
shopping malls and office com-
plexes in Canada, the United
States and Israel. In Israel, Mr.
Azrieli is known as "the father of
the shopping malls."
Mr. Azrieli's company Canit
built the Ayalon shopping mall
in Ramat Gan, the first enclosed
mall in the country, the Canion
Hanegev in Beersheba and the
Jerusalem Mall. The three malls'
total sales turnover reached
about $700 million last year.
Mr. Azrieli sees the Shalom
Project as the most significant
and important project that he will
ever build. "I always had the pre-
monition and hope that Israel
would be the place in which I
would build my lifelong enter-
prise," Mr. Azrieli says. "The
Shalom Center is this enterprise.
It will grace the Tel Aviv skyline
for many years after my depar-
ture and will always be a major
milestone in my life."
Canit won the tender to con-
struct the Shalom Project in June
1992, but construction was de-
layed because of bureaucratic
APY
expenses," Mr. Azrieli says.
Despite the complications, Mr.
Azrieli says Canit has succeeded
in advancing the project's com-
pletion date.
"Originally we announced to
the city that it would take us 10-
12 years. We will finish the pro-
ject before 2000. It will open up
in four stages."
The parking facility, which will
be one of the largest in an urban
area in the world, is scheduled to
open in 1997. It will consist of
four levels, each about eight acres
in size. Vehicles will have direct
access to the parking lot from the
Ayalon Highway, Derech Petah
Tikva and Derech Hashalom. By
foot, it will be possible to enter
the center by a series of pedes-
trian bridges from the commuter
rail station and across Derech
Petah Tikva.
The shopping mall is sched-
uled to open in 1998. It will have
140 stores, three anchor stores,
repositioning your hard-
earned assets in the most
efficient and tax-advantaged
manner possible.
DAN I. BARISH
VICE PRESIDENT
REGIONAL SALES MANAGER
Comerica Securities
WE LISTEN.' E UNDERSTAND
WE MAKE ITWORIC
Fixed annuities .11,21. k:A by Cornerica Insurance Services. Inc. Mulual Funds.
variable annuilie, and ether securities offered by Cumerica Securities. a broker-
Comerica insurance Services. Inc. and
dealer and member NASD/SIPC..
Comerica Securities arc offiliales of Comerica Bank.
Annual Percenlage Yields (APY) subject le winge
Interest
cornpeunds ihaly.
This fixed .enmity preduci is underwrillen by the Life Insurance Company of
the Souiliwosi (Dallas. TX) and is policy form no. 7672.
NOT FDIC
INSURED
May lose value
No bank guarantee
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