The Zemach Regional Manufactories Corporation,which is owned by 27 kibbutzim,and Mehadrin Tnuport of the Fishman Group are launching a joint venture – establishing a commercial shopping and recreation center at the Zemach Junction with an estimated investment of NIS 45 million ($12.4 million). Ownership will be divided equally between the two sides.
The center will extend over 26 dunams (6.24 acres). About 3.95 acres of the total area are owned by the Zemach Corporation and the rest is owned by the Fishman Group.
The center has received construction permits which have been authorized by both the regional and local committees. The project was planned by architect Eran Mebel and is expected to be built within two years and include around 40 businesses and shops.
Marketing for the project began three months ago, and to date, 12 draft leasing agreements have already been signed. In addition, 15 more businesses are in advanced negotiations for spots within the center.
"We estimate that rents income will generate around NIS 10 million ($2.76 million) a year," acting project manager Amnon Suderi told Ynet.
Mall illustration (Photo: Architect Eran Mebel)
The center's main competition is the 'Big Center' which is located in Tiberias, as well as the stores on Hagalil Street, which is Tiberias' main commercial street. The center will include clothing franchises, bookstores and electrical appliance stores. A third of the center's shops will be devoted to the food industry: Coffee shops, restaurants and fast food.
In a bid to attract Jordan Valley residents and tourists, the project entrepreneurs decided to keep the stores open on Saturday – in contrast to most businesses in Tiberias. The complex is set to create 500 new employment opportunities in the Tiberias, Jordan Valley and Beit She'an area.
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