Ashtrom Group (TASE: ASHG) and Electra Construction have been chosen by the 250 landowners to act as building contractors for Tel Aviv's Kikar Hamedina project.
The Kikar Hamedina project, in the large internal circle at the site, in one of the most prestigious neighborhoods in Israel, consists of three spiral-shaped 40-floor towers, containing altogether 450 apartments, an underground car park with 906 parking spaces for use by the residents, a privately-owned public car park with 720 spaces, gardens with an artificial lake, public open spaces, and a school. The project covers 78 dunams (19.5 acres) in the center of Kikar Hamedina (which was an open green space). The built-up area will be 50 dunams (12.5 acres), or which 15 dunams (3.75 acres) will be public space. The designer of the project is Moore Yasky Sivan Architects of Tel Aviv.
Earlier this month, Bareket Capital (TASE: BRKT) announced the signing of an agreement for a loan from insurance companies Clal (TASE: CLIS) and Migdal (TASE: MGDL) for financing the project.
The two companies will undertake work worth NIS 1.4 billion. Initial permits were issued in 2018 and the earthworks, digging and supports for the foundations have been completed. The building permit is expected to be issued at the start of the summer.
Published by Globes, Israel business news - en.globes.co.il - on May 25, 2022.
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