Akirov Opens Luxury Mall in Jerusalem

A huge, half-a-kilometer, 120 store commercial center opened yesterday in Jerusalem, part of the Mamila project constructed by Alfred Akirov, which includes, in addition to a hotel, 6,000 square neters of office space and 50 luxury apartments.

Oded Bar-Zvi of the Alrov Mamila neighborhood management company says the center experienced heavy traffic yesterday, its opening day, and tenants would include franchises of Ralph Lauren, Tommy Hilfinger, Mango, Bebe, H. Stern, Crazy Line, Lamborghini and others. All of the space has been rented, he says, and there is a waiting list. Rental prices ranged 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 the prices, following the weakening dollar exchange rate.