Electra Ltd. (TASE: ELTR) has signed an agreement with Nitzan Group, controlled by Doron Ariel, Shahar Machat, and Rudi Maimon, to construct a residential and commercial project called Piano House at the corner of 25-27 Ahad Ha'am Street and 99-101 Allenby Street in Tel Aviv at a total investment of NIS 120 million.
The project site is currently occupied by buildings constructed in an eclectic style dating back to the 1920s with old businesses, including the Lotus book store, the Allenby 101 kiosk, Eli's Fruit Juice Stand, and the Tailor Made (formerly Stephan Braun), Beit Hapsanter (Piano House), Hotel Allenby, and Durak bars.
Buildings will be constructed at 99 Allenby, 101 Allenby, and 27 Ahad Ha'am in the new project. The buildings will share a common wall and parking basement. The buildings will have seven floors, 89 housing units, commercial space, and an underground parking lot with 181 parking spaces. Architect Gidi Bar Orian planned and designed the project. A building permit was issued in August 2019, and occupation of the buildings is scheduled in three and a half years.
Published by Globes, Israel business news - en.globes.co.il - on December 8, 2019
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