Tel Aviv's biggest hotel gets green light

site of planned hotel
site of planned hotel

Compensation has been awarded regarding the planned 600-room hotel near the Hilton.

Compensation has been set for the neighbors of a 600-room hotel being planned in Tel Aviv - the city's biggest. The controversy surrounding the planned hotel at 277 Hayarkon Street has been rumbling on for years. The site on the seafront north of the Tel Aviv Hilton and Independence Park has stood empty for years. It formerly housed the Sheraton hotel which was demolished.

The site is now owned by Henry Taic's Nahal Group which also owns Tel Aviv's David Intercontinental Hotel. The foundations were already dug many years ago and the original plan was for a 400-room hotel covering 22,000-sq.m.

However, that plan was enlarged to 34,000-sq.m. with 600 rooms on 17-floors, 3,000-sq.m. of commercial space and parking for 300 vehicles. The adjacent Habkuk Street is to be widened. The plans were approved back in 2006 but then the claims for compensation were filed.

The nearby Alexander Hotel sued for NIS 5 million for depreciation, and the Habkuk House apartment block sued for NIS 6.5 million for depreciation. The alleged NIS 11.5 million in depreciation encompassed increased traffic and congestion, loss of sunlight, damage to the view and less privacy.

The Tel Aviv Building and Planning Committee appraiser rejected the claim and it went on appeal to the District Committee. Their appraiser Amnon Nasri has rejected most of the claim for damage awarding NIS 1.67 million to the Alexander Hotel and NIS 1 million to Habkuk House.

Tel Aviv Municipality said in response that following the appraisers decision and the lowering of the compensation claim, the real estate developer is readying to file an appeal. However, Adv. Aviad Shoob who acts for the claimants says that they will not be appealing. "This is an exceptional ruling for compensation because of lack of sunlight which with interest and linked to the cost-of-living amounts to NIS 4 million."

Published by Globes [online], Israel business news - - on August 5, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

site of planned hotel
site of planned hotel
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