Israel Canada buying central TA land for 2 towers

Barak Rosen and Assaf Tuchmeir

The company plans to build residential, office and hotel space on the land in  Rakevet Street.

Israel Canada Ltd. (TASE: ISCN), controlled by Barak Rosen and Assaf Tuchmeir, has announced the signing of a memorandum of understanding for the purchase of land on Rakevet Street in central Tel Aviv for NIS 218 million. The company plans to build two high-rises containing residences and commercial space. The site is at 72-74 Rakevet Street, close to the Rakevet Tower. A multi-use plan for the site is being promoted, including an office tower, a residential tower, and hotel and commercial space. The project is planned to contain 137 housing units, 50 hotel rooms, an office tower, and public space. Total above-ground space amounts to 42,000 square meters.

"The company realizes the great potential of the area, which is located on important traffic arteries and is very accessible to transportation. The company plans to create a unique luxury project to utilize the land's potential," Israel Canada said in its announcement.

Published by Globes, Israel business news - en.globes.co.il - on February 4, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Barak Rosen and Assaf Tuchmeir
Barak Rosen and Assaf Tuchmeir
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