Akirov Opens Luxury Mall in Jerusalem

Lamborghini and Ralph Lauren are just two of the tenants in the vast Mamila center, by the Old City

A vast  half-kilometer commercial center with 120 stores opened yesterday in Mamila, Jerusalem, a neighborhood by the Old City being developer by Alfred Akirov's Alrov (TASE: http://www.themarker.com/eng/tools/toolsResult.jhtml?application=8&chosen=146019 ALRO ).

The Mamila project also boasts a hotel, 6,000 square meters of office space and 50 luxury apartments.

Oded Bar-Zvi of the Alrov Mamila neighborhood management company says people flooded the new center at its debut yesterday.

Tenants would include franchises of Ralph Lauren, Tommy Hilfinger, Mango, Bebe, H. Stern, Crazy Line, and Lamborghini, he said, adding that all the space has been leased and there's even a waiting list.

Lease costs range between $40-80 per square meter, plus $12 management fees.

The center is very near completion, and construction will be concluded within two months. There is also a 1,600 vehicle parking lot. 
The four-story space at the center of the pedestrian mall - the two lower floors dedicated to commerce and the two upper floors to restaurants - affords a view to the Old City.

According to the Alrov company's figures, 13 apartments have been sold to date, mostly to foreign residents, at $10-15 thousand per square meter. A foreign resident recently acquired the project's penthouse for $9 million. The 300-meter apartment with a 600 sqm. open veranda, is considered one of the most luxurious in the project.

According to Alrov's report to the Tel Aviv Stock Exchange, construction of the first 12 apartments in the project is expected to be completed by year end, and the balance of the apartments by the end of 2008. Most of the most expensive apartments have been sold, at an average price of $2.3 million. The company recently raised prices because of the weakening dollar.