Grofit Construction Co. has announced that it will build a 130-room hotel and 30 residential apartments on Menachem Begin Road in Sarona in Tel Aviv near the Kalka. The new 14-floor building will replace the existing four-floor building, which Grofit purchased for NIS 95 million, and will be demolished. The new construction at the corner of Menachem Begin and Yosef Karo Street was deposited with the Tel Aviv-Yafo Planning and Building Committee in April 2021 and recently approved.
Grofit estimates that it will receive a building permit within 24 to 30 months and then it will demolish the existing building. The new project has been designed by Feigin Architects and Grofit was represented in the deal by Advs. Tal Bar-Nur and Shalom Simon of Fischer FBC & Co law firm.
Grofit specializes in residential construction and urban renewal and this project will be the company's first foray into the hotel sector. Over the past 48 years the company has also built, and maintains and manages income producing properties such as commercial centers, office buildings, sheltered housing and logistics centers.
Grofit's hotel in Sarona will not be the first in the area. Nitsba is currently building the Sarona Hotel nearby, which will have 800 rooms in a 45-floor building.
Published by Globes, Israel business news - en.globes.co.il - on March 7, 2022.
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