News & Articles

Three bid for Tel Aviv tower

The high-rise on Remez Street adjacent to the Gymnasia High School and near Kikar Hamedina will have108 apartments.

Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2010

direct link: http://bit.ly/qrW45h

Canada-Israel Development Corporation, controlled by Assaf Tuchmayer and Barak Rosen; Acro Real Estate Ltd., owned by Tzachi Arvuv and Ilan Capon; and Terra Ltd., owned by Erez Navon, the son of former President Yitzhak Navon, will jointly bid in the Tel Aviv-Jaffa Municipality tender to build a tower with 108 apartments by Remez Street adjacent to the Gymnasia High School and near Kikar Hamedina.

Canada-Israel, Acro, and Terra will organize a buyers group, at prices of around $4,500 per square meter. The 29-storey high-rise will be called the Gymnasia Tower and will have three, four, and five-room apartments, as well as penthouses, a lobby, swimming pool, spa, and fitness rooms.

The tender will be closed on February 23. Another contractor participating in the tender is Hanan Mor Group - Holdings Ltd. (TASE:HNMR).