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The deadline for bids in the tender for the first building of the second stage of the Tel Aviv wholesale market has been postponed indefinitely, due to market uncertainty and the freeze in real estate and financing for projects, according to the site's sellers, the Tel Aviv Municipality and Tnuva Food Industries Ltd. The deadline was first postponed from July 30 to November 1.
The NIS 1.5 billion second stage of the residential complex to be built on the site of former Tel Aviv wholesale market includes four residential high-rises.
The tender is being managed by Tel Aviv Municipality assets manager Eli Levy and Apax Partners investment manager David Amid for Tnuva. Amid said, "The Israeli real estate market in general, and in Tel Aviv in particular, is in holding pattern, partly due to the general condition of the Israeli market and global economy and the near total absence of bank financing for the purchase of substantial real estate in cash. This is a unique asset on a prime location in the heart of Tel Aviv. The first stage of the project, which is already under construction, has had extraordinary success, but the owners have no intention of realizing the second stage except under the best terms that meet their expectations."
Tnuva and the Tel Aviv Municipality have decided to use the postponement to submit their own application for a building permit for the high rises' basements, including infrastructures and other operational needs in order to shorten the timetable between future purchases of apartments in the complex and the actual construction.
The Tel Aviv Municipality owns 25% of the Tel Aviv wholesale market and the Wholesale Market Company Ltd., jointly owned by Tnuva and market traders, owns 75%. Gindi Group is developing the first stage of the project.
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