Azorim Investment, Development and Construction Ltd. (TASE: AZRM), controlled by Hershy Friedman and Ofer family-controlled company Ofer Investments Ltd., today announced the launching of the Herzliya Hills project on a 70-dunam (17.5-acre) site at the entrance to Herzliya from the coastal road. The project will contain ten 3-18 story buildings with a total of 600 apartments, as well as a total of 160,000-sq.m. in commercial and office space.
The land historically belonged to Azorim, half which Ofer Investments acquired in 1998. "My father realized the potential in this area, and it's no coincidence that our company headquarters is located in Herzliya Pituah," said Leora Ofer at the company's press conference held today, adding that company management planned to move its headquarters from the Herzliya Pituach industrial zone to the new project.
According to Ofer Investments CEO Ron Avidan, the company acquired half of the land in 1998 in order to build the project on it two to three years later. "Actually, the municipal building plan was approved only in 2004 and only in a very limited version, due to height restrictions imposed by the Ministry of Defense. Only in 2013, following many discussions, was a municipal building plan finally approved that took full advantage of the construction rights on the land - 16 years after we made the deal.
The prices of the apartments in the project will start from NIS 1.72 million for a two-room apartment. The project is bordered on one side by the coastal road, and on the other side by a downslope leading to the Ayalon Highway. In other words, the project will be built on what amounts to an island in a sea of traffic.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2015
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