Haim Katzman (Flash 90, Gazit Globe Press)
Gazit Globe announces that Gazit HorizonsA wholly owned subsidiary operating in the United States, will establish together with American Land Ventures (ALV), A luxury residential project for rent in downtown Tampa Bay, Florida. The total expected investment in the project is $ 175 million.
The project, AER TampaWill include 334 apartments in a 31-story building located on the riverfront, in the city’s artisan district in front of the Hall of Culture and adjacent to the Tampa Art Museum. VAT Over the years, it has built more than 10,000 housing units in Florida and has owned land to build the project for several years. Gazit will hold 94% of the partnership and upon completion, the project will include, in addition to apartments, approximately 1,300 square meters of commercial space and more than 450 parking spaces.
Construction of the project is expected to begin this month and last about two years. The project is located in Opportunity ZoneAn area eligible for tax benefits, such as deferral of current capital gains and tax exemption if the property under construction is held by the Company for a period of ten years or more.
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Gazit has a portfolio of about 1,100 housing units for rent CLASS A In Florida some of which are yielding and some of which are to be built. Earlier this month the company announced a project Brickell Gateway Which includes 504 apartments in Miami and in June 2021 the company purchased another housing project, the Mason Building which includes 262 housing units for rent.
In total, the company estimates that upon completion of the two projects under construction and in the process of being licensed for construction, its portfolio will be residential in Florida, which will include approximately 1,100 apartments, worth approximately $ 740 million and an investment of approximately $ 510 million.
Meanwhile, Citicon, a subsidiary of Gazit Globe operating in the Nordic countries, launched its Useful Mixing Project this month. FLAGSHIP In the Helsinki region, Finland, with an estimated value of 430 million euros. The shopping center, which includes an area for rent of about 44,000 square meters above a new metro station, opened with an occupancy rate of about 90% and includes a wide range of services, including three large supermarkets, and a unique food complex that includes about 20 houses Local and international cafes and restaurants, as well as a municipal library covering an area of 2,900 square meters.
A metro station was built inside the property, which will start operating in 2023. The project has been awarded a “gold” rating in all areas of sustainability and it produces all the energy needed to operate it from a geothermal “green” source.. Adjacent to the shopping center are eight new residential buildings that will include about 560 housing units, of which Citicon will own about 400 housing units that it intends to rent.. Citicon anticipates that the project will produce WE Of about 21 million euros a year.
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Haim Katzman, founder and CEO of Gazit Globe: “Our investment with VAT Tampa Bay is a significant step in the development of our residential operations in general, and Florida in particular. Tampa Bay has enjoyed strong growth in recent years, creating jobs and rising rents at a faster rate than most other markets in the US. In the US. We believe that the new project, similar to the one we recently announced in Brickley, Miami, will make us a significant player in the Florida residential area and yield us higher returns than what is accepted in the market, also thanks to the tax benefits. ”
Referring to the new project in Helsinki, Katzman added: “Project FLAGSHIP Illustrates our strategy for exploiting building rights over and over our assets. We demolished the old commercial center that we owned and built a new and twice as large commercial center over a new metro station and we also received approval from the municipality to increase the rights to build eight residential buildings about 560 units. This is a classic example of mixing uses and creating additional building rights on and for our assets – a strategy that we lead in all the territories in the group. ”
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