By MIRIAM BULWAR DAVID-HAY (TRANSLATED)
Tel Aviv's Local Planning and Construction Committee has canceled plans to build a 20-story residential tower on the site of the historic Tel Aviv Cinema on Rehov Pinsker, reports www.mynet.co.il. With the agreement of the builder, the committee has instead adopted an alternative plan that will allow a low-rise residential building to go up on the site, in return for increased building rights elsewhere in the city.
According to the report, the Euro Sat investments company bought the site in 2006 and planned to tear down the old cinema, built in 1957, and replace it with a 20-story residential tower. But now the company and the committee have canceled that plan and have come up with a plan for a low-rise residential development instead, said to be more suited to Tel Aviv's UNESCO-listed "White City" architectural style. In return, the company is being given increased building rights at another site it owns, in the city's industrial zone.
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