Israel Canada buys Tel Aviv seafront lot

Barak Rosen and Assaf Tuchmeir Photo: Eyal Izhar

An approved urban building plan that applies to the entire site provides for construction of a 22-floor tower.

Israel Canada Ltd. (TASE: ISCN), controlled by founders Barak Rosen and Assaf Tuchmeir, has contracted an option agreement with private owners to buy 30% of a lot on the corner of Hayarkon Street, Geula Street, and Harav Kook Street, near the Herbert Samuel promenade. The lot is 30% of a larger piece of land. The land is zoned for a tower that will include residences and hotel rooms.

An approved urban building plan that applies to the entire site provides for construction of a 22-storey tower, including commerce on the ground floor, 200 hotel rooms on the lower floors, and 100 luxury apartments on the upper floors. Construction in the project totals 20,000 square meters above ground. Architect Elisha Rubin designed the project.

The option agreement signed by Israel-Canada and the landowners is valid until February 2019. It involves the purchase of 1.1 dunam (0.375 cares) of the 3.1-dunam (0775-acre) site for NIS 80 million, including NIS 53 million for the land and NIS 25 million in betterment tax. The rest of the site belongs to other landowners; Israel-Canada is negotiating with them to either buy their share or make a combination deal. The deal reflects a NIS 266 million value for the site.

Israel-Canada specializes in real estate development and organizes buyers groups in high-demand areas. Its projects in recent years include the Midtown project in Tel Aviv, with recently occupied residential and office towers, and the two Da Vinci residential towers in Tel Aviv, which it is building in cooperation with Acro Real Estate. The company is also trying to change the zooming of land in the Elco area in the Morasha neighborhood of Ramat Hasharon and is promoting the Lapid area residential and hotel project on Eilat Street in Tel Aviv, on which the company is negotiating with the Four Seasons international hotel chain for construction of the chain's first hotel in Israel. Israel-Canada is also building a campus for Microsoft in Herzliya Pituah in cooperation with Acro and Tidhar.

"Globes" recently reported a plan to construct another tower that was delayed, but which now appears likely to go through. The site, located on the corner of Hayarkon Street, Nehemia Street, and Daniel Street, is zoned for construction of a 15-storey residential tower. It is being offered for sale after a Herzliya court approved the dissolution of a partnership with the owners. The tower is designed as a twin of the 10 Herbert Samuel project built by Ofer Investments on the waterfront. The lot's value is estimated at NIS 250-300 million.

Published by Globes, Israel business news - - on October 18, 2018

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

Barak Rosen and Assaf Tuchmeir Photo: Eyal Izhar
Barak Rosen and Assaf Tuchmeir Photo: Eyal Izhar
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