Mishorim Development Ltd. (TASE:MSHR) sub-subsidiary Skyline International Development Inc. has bought a 10-acre lot in downtown Mississauga, a Toronto suburb for C$18 million (NIS 73 million). Mishorim owns 66.8% of Skyline.
Mishorim plans to obtain a building permit for three eco-friendly high-rises with 1,200 apartments. The company estimates proceeds from the project at C$410 million (NIS 1.65 billion). The company will emphasize energy and water recycling in the project’s electricity and water systems to reduce consumption, and other features to minimize the project’s environmental impact and enhance the residents’ quality of life.
Mishorim will use wind and solar energy systems, grey water treatment facilities for water from sinks, showers, dishwashers, washing machines, and the like, garbage recycling facilities, and LED lighting. Construction will use minimally environmentally damaging materials. The company plans to import to Canada Israeli solar energy and other technologies. Much of the public space in the project will be devoted to a solarium, to function as a biosphere, which will include exotic plants, waterfalls, a heated swimming pool, and birds from the Caribbean.
Studies indicate that Canadians have a high degree of environmental awareness and activism, and are prepared to pay a 10% premium for eco-friendly homes. Mishorim believes that being branded as an eco-friendly developer will encourage sales in the project.
Published by Globes [online], Israel business news - www.globes.co.il - on July 10, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007