The Tel Aviv-Yafo Local Building and Planning Commission has approved a plan for the construction of a 21-floor residential and hotel tower at 33-37 Hayarkon Street in Tel Aviv. The plan relates to a six-dunam (1.5 acre) plot bounded by Geula Street, Harav Kook Street, and Hayarkon Street, on which four buildings stand that are slated for demolition.
Under the plan submitted to the Commission, the ground floor will be commercial, including for the purposes of the hotel, which will occupy the first seven floors, with 263 rooms. The eighth floor will be for both hotel and residential use, floors 9-10 will be for hotel use, and the remaining floors will have 78 housing units, of which 20% will be small apartments. Four basement levels are also planned. The plan proposes private open spaces with public access. The architect is Moshe Tzur.
The project's developer is ICR Israel Canada Reem Holding Ltd. (formerly Minrav Projects), a development company owned jointly by Israel Canada, controlled by Barak Rosen and Assaf Tuchmeir, and the Reem Group, controlled by Nakash Brothers, Raz Oded, and Avi Hormaro.
A few weeks ago, it was reported that ICR had agreed to cooperate with real estate company Matzlawi Ltd. on a 560 square meter urban renewal project on Rothschild Street in Bat Yam. The company also won an Israel Land Authority tender for the construction of 827 housing units in the Neve Gan neighborhood of Ramat Hasharon, paying NIS 1.85 billion for the land.
The Urban Building Plan covering the plot on Hayarkon Street in Tel Aviv was approved in 2015, and will expire next year unless a building permit is issued.
Published by Globes, Israel business news - en.globes.co.il - on July 26, 2021
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