Levinstein Properties (TASE: LVPR), which is a partner in the main building rights to the old Tel Aviv Central Bus Station, today notified the Tel Aviv Stock Exchange (TASE) that it has received a first permit to demolish the buildings in the area, and that demolition work would now begin. The buildings being demolished are in the Bat Sheva complex and Levinstein Properties expects to begin demolishing the main Lahav building in the area within a week.
The old Tel Aviv central bus station began operating in 1942 and served as the city's main bus station until 1993, when the new central bus station finally opened after many delays. Since then the areas has remained unchanged and has become a focus for crime.
In 2011 plans were finally approved to redevelop the area and in 2015 Levinstein Properties and Shikun & Binui Holdings Ltd. (TASE: SKBN) jointly bought more than 70% of the land. In 2017 the plan for the "Shomron Complex" plan was approved for deposit, which will include overall 1,300 apartments and 153,000 square meters of office and commercial space on 80 dunams (20 acres) of land between Menachem Begin, Hagdud Ha'Ivri, Hanegev and Salomon Streets. In February 2020 the plan was fully approved.
Over the years the value of the land has significantly risen. It was worth NIS 300 million in 2015 when acquired by Levinstein and Shikun & Binui, while today's fair value is NIS 647 million, a rise of 115%.
Published by Globes, Israel business news - en.globes.co.il - on January 10, 2023.
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