BSR Europe (TASE: BSR) and Canada-Israel (ITR) Ltd. (TASE:ISCN) today signed a cooperation agreement to build the last high-rise in Tel Aviv's Park Hatzameret. They will build a 50-story tower with 189 apartments, after organizing a buyers group to buy the lot for NIS 220 million, reflecting a price of NIS 1.2 million per land per apartment.
The companies signed the agreement after a dispute with landowners that lasted for years. Some of the landowners had signed with BSR and others with Canada-Israel. The dispute reached court liquidation proceedings of the partnership until the companies finally agreed to cooperate to jointly build the project.
Park Hatzameret has 12 lots zoned for 12 high-rises with 1,700 apartments altogether. BSR and Canada-Israel have been the two most active companies in the area, building six of the eleven buildings to date, including the Manhattan Tower and the W Tower. Architect Avner Yashar has designed the new tower, which like other buildings in the neighborhood, will have a swimming pool, spa, fitness room and 3-5 room apartments, as well as customized apartments. The companies will begin selling apartments in a few months at NIS 22,000 per square meters. The building is scheduled to be completed in 4.5 years.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2014
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