Gazit-Globe's latest real estate venture in northern Tel Aviv came to a surprising halt recently, after an initial land survey discovered an archeological site on the premises, Yedioth Ahronoth reported Tuesday.
The land survey, preformed by the Israel Antiquities Authority, discovered traces of antique pottery, presumed to be from the Byzantine era (4th to 15th centuries A.D), as well as evidence of an ancient wine-press.
Archeologists believe the area use to be a Philistine settlement. The first archeological findings in the area were made in the late 1940s, when pottery scribes discovered there were identified as ancient shipment logs dating back to the days of the First Temple.
Located in one of Tel Aviv's most prestigious neighborhoods, Gazit-Globe's real estate project included a 17-story high-rise, whose apartments were valued at $10,000 per 11 square feet. The project will remain frozen pending the end of the excavations.