Canada-Israel and Acro Real estate have won the tender from the Israel Land Authority (ILA) for the Canarit lot in Tel Aviv. The two companies will pay NIS 830 million to the ILA including NIS 6 million for development costs, making it the most expensive real estate deal in Tel Aviv this year.
The lot at the corner of Kaplan and Leonardo da Vinci Streets in central Tel Aviv just north of the Sarona neighborhood is designated for two 44-floor high-rises and 330 apartments including 40 units for rent. In addition, 58 housing units will be small apartments of 63-sq.m. and 232 apartments will be 108-sq.m. in size plus a security room. In total there will be 31,750-sq.m. of residential space.
The building plan was published in February 2015 by the Israel Land Authority.
Some of the bidders in the tender were purchasing groups who can now be expected to buy apartments from the tender winners. Canada-Israel and Acro have teamed before in Tel Aviv for the Gymnasia Tower in Remez Street, which is set to be completed soon, 17 Rothschild in Rothschild Boulevard. The two companies also have a joint office project in Herzliya Pituach.
ILA deputy director Adiel Shimron said, "The ILA and the Tel Aviv Municipality have succeeded in realizing the optimal rights for the land being vacated by the Ministry of Defense in the south Kirya and to build a business, residential, commercial, entertainment and leisure center in the heart of an area of high demand in a way that best combines the bustling and leading character of Tel Aviv. State revenue from marketing will allow the continued marketing of land for apartments on the price target track."
Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015