Tel Aviv to gain 1,000 parking places
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 The parking places will be on four underground stories, and also serve a future shopping area planned for the Givon complex. |
Tel Aviv is about to gain some 1,000 new parking places as retail-cum-real estate giant Blue Square joins forces with development company Gindi Holdings.
A month ago Gindi Holdings and an affiliated company, Moshe & Yigal Gindi Company, won a tender issued by the Tel Aviv-Jaffa municipality to build parking and a plaza at the Givon complex in Tel Aviv. At the time, the Gindi group said it was extending an option to Blue Square, to become a partner in the Gindi group company which is handling the project, Tel Aviv Parking Lots.
Blue Square Real Estate announced late last week that it has exercised its option to take part in the project to develop the site. The parking places will be on four underground stories, and also serve a future shopping area planned for the site.
Givon is located between HaArba'a, Carlebach, Hahashmonaim and Aranha streets in Tel Aviv. The vast parking lot is to be operated on a BOT basis - build, operate (for a predetermined number of years - in this case, 23 ) and transfer (ownership to the state, free of charge ). The companies estimate that construction will take about 30 months and cost NIS 144 million. |
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