The Tel Aviv Local Planning and Building Commission has approved a plan by a private company owned by bothers Yitzhak and Eido Hagag to consolidate five lots in the Tel Aviv Port for the purpose of building a residential and hotel project, the Tel Aviv Port, on the site. The five contiguous lots, between Yordei Hasira Street and Shaar Zion Street near the port's northern gate, are currently used for parking lots.
The Hagag brothers bought the lots from private landowners over the past five years. Some of the lots were occupied by squatters, including a pirate fuel station, who were evicted by court orders. After buying the lots, the brothers submitted a plan to consolidate them into a single 2,500-square meter lot with a single zoning for residential and hotel use. The plan, which has been approved, is for the construction of a 45-room nine-storey boutique hotel, and a nine-storey luxury residential project above two commercial floors.
Because of the lots' proximity to the water, within 300 meters of the shoreline, the plan was reviewed by the National Planning and Building Commission and by the Committee for Protection of the Coastal Environment, both of which approved it. The project is being designed by US architect Kobi Karp and Israeli architect Gidi Bar-Orian.
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2013
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