Investors eye Tel Aviv site; Cape Town progresses with CBD revamp.
Global Investment Group Wins Land Auction for Tel Aviv Tower
Global investment group Africa Israel Investments Ltd. won an auction for a lot in the Summayl District of Tel Aviv, Israel, zoned for construction of a 40-story residential tower, GLOBES reported. The Tel Aviv Magistrates Court ruled in January Africa Israel was the winning bidder at the equivalent of roughly US$121.6 million for the property, where Hagag Group is building another residential tower. The court’s ruling paves the way for the second tower from Africa Israel. Together, the towers will contain 174 units. The 11.25-acre Summayl District consists of two subdistricts: the southern part, owned by Africa Israel with private landowners (on which 600 housing units and 10,000 m2 of commercial space will be built) and the northern part, which will house the residential towers.
Cape Town Sizzles With Multiple Towers in Development
Thirty-one developments, including the city’s tallest tower, are under construction/completed (eight), in the planning stage (11) or proposed (12) in Cape Town, South Africa, representing billions in investment, SA Commercial Prop News reported in February, citing the Cape Town Central City Improvement District. Despite concern over high commercial vacancy rates, “forward-thinking” developers are bringing an array of remarkable mixed-use projects to the CBD. They include:
- Harbour Arch, which will vie with The Waterfront — “South Africa’s most valuable commercial asset” — for tenants to fill 200,000 m2 of residential, retail and office space within six towers, including at least one 24-story apartment building with a rooftop garden. The project, from developer Amdec Group, was approved last year.
- The Rubik, a 27-story mixed-use tower developed by Abland in partnership with Giflo and Nedbank. Designed by dhk, the stacked-glass-block structure is targeted for completion in 2021.
- The mixed-use Zero2One (ELEVATOR WORLD, November 2019) and Cullinan Square office block, which, at 148 and 192 m tall, respectively, are vying to become the city’s tallest building.
- The Vogue, a mixed-use development from architect/ developer FKJW that, at 21 stories, would be one floor shorter than Cape Town’s current tallest, the FNB Portside building next door. Including ground-level retail, The Vogue is scheduled for completion by October.
- The Modern, a 32-story “post-modern” structure offering apartments, hotel rooms and retail from Ingenuity Property.
CIBSE Guide D to Launch at September Symposium
The Chartered Institution of Building Services Engineers (CIBSE) is launching CIBSE Guide D: Transportation Systems in Buildings 2020 on September 22 at Highgate House in Northampton, U.K., at 1:00-5:00 p.m. The sixth edition of the guide will include an overview of it with presentations on each chapter. Registration, which can be made by emailing email@example.com, is GBP125 (US$162.60) and includes a copy of the guide. The event is organized in association with the 12th Lift & Escalator Technologies Symposium, set for September 23-24 at Highgate House.