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New Rehovot Mall to be Build Near Train Station and Keriat Hamada
"Ogen Yielding Real Estate will begin constructing a new commercial center in Rehovot within the next three months, to be located near the Rehovot science park. The commercial center will cover an area of 8,000 square meters, according to CEO and owner Doron Aviv.
Aviv added that the company is currently in advanced negotiations with several companies planning to open anchor stores there. Potential companies include Tiv Taam, which is looking at a 2,500-square-meter space, and Home Center, which is seeking to rent 500 square meters. Ogen is discussing another 2,000 square meters with Home Center but has made less progress on that deal. Aviv added that sealing negotiations with the chains would pave the way for launching the project.
Building the two-story open-air center will cost an estimated $8 million. Ogen expects some NIS 2 million in revenue the first year. Rental fees will vary between $15 and $30 per square meter per month for stores.
The project will be completed within 15 months, according to Aviv. The center is part of a huge plan to build an industrial area, which was approved in its initial stages by the district building and planning board.
The project will be built at Drachim Junction, where the transportation complex, including a train station and a public parking facility, is already located. Ogen sources believe that the location will bring in lots of customers and thus do not expect any problems finding tenants. Some 1.5 million people go through the station annually, they estimate."
Source: Anat Georgi. Ogen to build new mall in Rehovot. Haaretz.com (19 June 2005) [FullText]
Aviv added that the company is currently in advanced negotiations with several companies planning to open anchor stores there. Potential companies include Tiv Taam, which is looking at a 2,500-square-meter space, and Home Center, which is seeking to rent 500 square meters. Ogen is discussing another 2,000 square meters with Home Center but has made less progress on that deal. Aviv added that sealing negotiations with the chains would pave the way for launching the project.
Building the two-story open-air center will cost an estimated $8 million. Ogen expects some NIS 2 million in revenue the first year. Rental fees will vary between $15 and $30 per square meter per month for stores.
The project will be completed within 15 months, according to Aviv. The center is part of a huge plan to build an industrial area, which was approved in its initial stages by the district building and planning board.
The project will be built at Drachim Junction, where the transportation complex, including a train station and a public parking facility, is already located. Ogen sources believe that the location will bring in lots of customers and thus do not expect any problems finding tenants. Some 1.5 million people go through the station annually, they estimate."
Source: Anat Georgi. Ogen to build new mall in Rehovot. Haaretz.com (19 June 2005) [FullText]
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