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BO
s if there were not enough
industrial buildings in the
center of Israel already,
the Tel Aviv municipality
recently announced the devel-
opment of another large-unit in-
dustrial space in the Atidim
Park.
No different than other mu-
nicipalities, Tel Aviv is interest-
ed in increasing its revenues.
Almost all cities aim to attract
high-tech firms, which pay high
taxes and do not damage the en-
vironment the way a factory
might.
More than $100 million will
be invested to expand the Atidim
Park. The park, which was built
by Atidim in 1972 and is owned
by the Tel Aviv Municipality and
Tel Aviv University, maintains
11 buildings occupied by 85 high-
tech companies that employ
3,500 people. It is situated north
of Tel Aviv, close to Tzahala, Ra-
mat Hahayel and Neveh Sharet.
According to Tel Aviv Mayor
Roni Milo, the complex is grad-
iislly turning into the central re-
gion's "Silicon Valley." Under
construction is the 19-floor
Atidim Tower office, which is
close to completion.
Adjacent to the tower is a
business center, which is occu-
pied by restaurants, shops, a
mini-market, a bank, a post of-
fice and other services. In addi-
tion, there is a parking structure
with a capacity of about 1,100 ve-
hicles.
About $36 million was in-
vested in the complex, which was
designed by Zarhy Architects.
For the first time, Atidim in-
tends to rent out space to free-
trade professionals as well as
high-tech firms.
The country's 10 largest con-
struction firms reported a 13 per-
cent drop in sales in January,
after four months in which they
registered a small growth. Com-
panies said they sold fewer
apartments even though they
continued to provide discounts.
Comparing January to De-
cember, Ben Yakar Gat's sales
almost halved to 24 apartments
compared with 51, Shikun
Ovdim sold 102 apartments
compared with 121 and Housing
and Development managed to
sell only 69 apartments, com-
pared to 83 previously. Standing
out was Azorim, which reported
a growth in sales, to 43 apart-
ments, compared with 24 in De-
cember.
Apai tment prices will contin-
ue to fall in 1997, according to
Bank Hapoalim's economic divi-
sion. According to the ;econo-
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mists, construction of 52,000
apartments will be completed
this year, up 12% compared with
1996. The bank expects the de-
mand for housing to reach
50,000 units this year.
Amdar Residence and the Ella
Bros. have started construction
of the Amdar Towers Residence
in Eilat. The complex which will
consist of 54 apartments on a
plot situated in the Amdar
neighborhood, Eilat's villa dis-
trict.
The development will include
two buildings, including garden
apartments, penthouses and du-
plex apartments, with a garden
The 70 signed contracts in-
clude two-story, five-room cot-
tages as well as four-room
apartments. Prices range from
$153,000 for a four-room apart-
ment to $211,000 for a five-room
cottage.
Designed specifically for the
religious sector, the buildings in-
clude a Shabbat clock and shab-
bat elevator and double sinks. In
addition, each unit has a covered
parking space and a detached
storage room included in the
price.
Rothstein is building 525 units
in Netanya and 125 in Modi'in.
The company recently complet-
and a private swimming pool.
The developmers also intend to
construct four-room apartments,
starting at $300,000.
According to the developers,
the "exotic" residential building
will be one of the most luxurious
apartment complexes in Eilat,
offering residents a sea view in
addition to seven swimming
pools, a spa, a health club, a cof-
fee shop and a host of services.
Occupancy is scheduled for the
end of 1998.
D. Rothstein, developer of the
new Ramat Bet Shemesh devel-
opment, announced the sale of
about 65 percent of the 110
apartments and houses offered
since marketing began in 1996.
This is the first time in Roth-
stein's 50-year history that they
have offered any development
exclusively to one market seg-
ment, in this case the national
religious. About 40 percent of
the buyers are from Jerusa-
lem.
ed development of large resi-
dential projects in Rishon Lezion
and Mevasseret Yerushalayim.
It also has significant commer-
cial projects under construction
in Jerusalem and Holon.
Ofarim Buildings, a company
jointly owned by the Ofer Broth-
ers and Gazit 2000, have sold 29
of the 120 apartments in the
exclusive Marina Village devel-
opment currently being con-
structed in the Herzliya Pituah
marina. The apartments were
sold for a total of $7.5 million.
About $25 million will be in-
vested in the development. Upon
completion it will include three,
three-floor, apartment buildings
consisting of 120 apartments.
The price of a two-rom apart-
ment varies from $225,000 to
$305,000 (depending on whether
it includes a garden). The price
of a four-room apartment with a
garden or roof, starts at
$505,000. ill
(c) Jerusalem Pqs... t 1997