GG Studios to be turned into real estate project
Owner Yoram Globus says he's finally willing to consider selling 50 acre lot to developers. Land reallocation part GG Group's new business strategy
Seventeen years after forming GG Studios in Neve Ilan, Yoram Globus is willing to sell.
According to an interview with Yedioth Ahronot, Globus – who poured over $80 million into the studios – is finally willing to consider selling the studio's lot to real estate developers.
The studios span 50 acres, 40 of which are owned by Globus himself. "I rejected anyone who offered to buy the land, but now I know the winds are changing," he said.
"My dream was to build a Hollywood here, to bring to Israel all kinds of international productions… unfortunately, I couldn't make it happen.
"The government offered no encouragement, even though it would have meant creating many jobs and boosting tourism," he added.
Reallocating the land is to be made as part of the GG Group's new business strategy, under which the company will develop state of the art movie complexes, known as "Megaplex", which would include 3D IMAX (image maximum) theaters.
Globus will open his first Megaplex in Haifa over the weekend, performing the magic of IMAX on Harry Potter and the Order of the Phoenix.
Yedioth Ahronot's interview with Yoram Globus will be published Friday.
