Consortium to build homes, hotels in Tel Aviv's Basel Street

Basel neighborhood Tel Aviv / Photo: Eyal Izhar, Globes
Basel neighborhood Tel Aviv / Photo: Eyal Izhar, Globes

The winning consortium of White City Buildings, the JTLV group, and Isrotel will build apartments and hotels.

When the envelopes were opened today, a consortium of White City Buildings, the JTLV group, and Isrotel was declared the winner of the Tel Aviv municipality's tender for selling the land on the Magen David Adom site in Basel Square in Tel Aviv. The winning bid was NIS 261 million. The plan includes demolishing the existing building and construction of 30 apartments averaging 200 square meters each on the three-dunam (0.75-acre) site. The project also contains hotels and health and spa facilities, such as a swimming pool, a fitness room, concierge services, and special commercial areas for the hotel guests and tenants on the site.

The shares of the consortium members were White City Buildings 40%, JTLV 40%, and Isrotel 20%. White City Buildings is owned by founder and chairman Itzik Ben Shoham and managed by CEO Gabi Kalman. The partners in JTLV are Amir Biram, Shlomo Gutman, and Ariel Rotter. The winning consortium beat out companies such as Azorim, Gindi, Israel Canada, and Yossi Avrahami. The deal is one of the most important real state transactions in Tel Aviv in the past decade.

Investors in the joint fund, which raised NIS 750 million in the initial closure, include Bank Hapoalim, Clal Insurance, and Meitav Dash Investments.

Isrotel will provide management services for the site, making the services and conditions provide by the hotels to their guests also available to the tenants on the site.

Shoham said, "It is a great privilege for White City Buildings to continue leading innovation in Tel Aviv. The boutique project on the Basel site will create an innovative mixture of uses, including a hotel and excellent residences. The successful cooperation with Isrotel and our connection to the city and its values will help us build one of the most important compounds ever constructed in Tel Aviv."

Isrotel CEO Lior Raviv said, "This is another important step in our entry into the urban hotel business in Tel Aviv. The location is unique, and the combination of a hotel on the highest level and luxury dwellings is perfect. Our goal is to continue consolidating our position in the hotel industry in Tel Aviv, and the hotel on Basel is another step in this direction."

Published by Globes, Israel business news - en.globes.co.il - on July 15, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Basel neighborhood Tel Aviv / Photo: Eyal Izhar, Globes
Basel neighborhood Tel Aviv / Photo: Eyal Izhar, Globes
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