Rotshtein Real Estate Ltd. (TASE: ROTS) unit City People announced today that it has won the tender from Tel Aviv - Yafo Municipality's Ezra & Bitzaron to build the urban renewal project at 35-45 La Guardia Street. The company said that the project will cost NIS 700 million to build and bring in revenue of NIS 820 million.
The project involves the 114 existing apartments in six buildings on a 3.75 acre site, which will be replaced by 420 apartments in mixed-use new buildings.
In La Guardia Street, nine-floor residential buildings will be constructed with commercial space on the ground floor and eight-floor buildings on Wingate Street. At the corner of La Guardia and Yigal Alon Streets, a 16-floor high rise will be built with commercial space on the ground floor. The project has been divided into two sections that can be built separately.
Ezra & Bitzaron has promoted the project, which has been designed by architect Ranni Zeiss after architect Gil Shenhav prepared the urban plan.
Published by Globes, Israel business news - en.globes.co.il - on December 21, 2020
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