Another luxury project is being built on the Herbert Samuel promenade in Tel Aviv. Minrav Projects, controlled by Avraham Kuznitsky, and a company controlled by the Nakash brothers and real estate agent Raz Oded have signed an agreement to establish an equal partnership to acquire 75% of a plot on Hayarkon Street for NIS 97 million.
The 12-dunam (three-acre) site, located between Herbert Samuel, Hayarkon, Geula, and Yona Hanavi streets, is owned by developer Gabi Elbaz, whose personal wealth totals NIS 145.5 million. Elbaz will retain 25% of the plot. The lot includes 3,500 square metersin construction rights, and the companies plan to promote a new 7,500-square meterurban building plan that will include residences and hotels as part of a luxury project. Minrav is focusing on the residential part of the project, while the Nakash brothers will concentrate on the hotel part. The companies have alsoagreedwith Mizrahi Tefahot Bank (TASE:MZTF) on finance forthe project.
Avner Yashar is the architect for the project, and theproject manager is former Tel Aviv municipality engineer Hezi Berkovich.
This is not the first joint deal by Nakash brothers and Oded, who owns the Top Nechasim realty; they bought an office building in Rishon LeZion in 2009 for NIS 25 million. Minrav Holdings Ltd. (TASE: MNRV) operates as both a developer and a contractor. Besides developing and building residential projects around Israel, the company is also building the IDF training base project in the Negev. Minrav's share of the deal amounts to NIS 48 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 31, 2016
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