Canada Israel purchase a 3.5-acre lot in tel Aviv for NIS 217 million

Canada Israel, controlled by Barak Rosen and Essie Tochmeyer, has signed an agreement to purchase a 3.5-acre lot at 72-74 Railroad Street in Tel Aviv for NIS 217 million. The plot, located near Electra Tower, was purchased from private landowners. Further to the memorandum of understanding that the company reported last February.
On the lot, the company will build a project, designed by architect Avner Straight, that includes a 30-story residential tower, a 30-story office tower above a commercial floor, and a hotel between the two towers. The total area of ​​the project will be 42,000 square meters.
The company expects the value of the project as a whole to be NIS 1 billion. Until the project is completed, the company will receive rent from existing buildings on the lot of NIS million a year.
The lot is located at the southern entrance to Tel Aviv near the La Guardia interchange, in a constantly developing area, and includes a number of new real estate projects such as the Electra Tower on the Railway Street, and the Vittania (Delek Motors) tower in the Deaf complex. Canada Israel knows the area well. The police building on the railway street, on which a residential and commercial building was erected, which was occupied several years ago.
 In recent years, a number of property acquisitions in the city, such as the Torch complex on Eilat Street, has been undertaken, on which the company is promoting a residential and hotel project, the central branch of Bank Leumi at the intersection of Herzl-Yehuda Halevi-Lilinblum Streets, where the company will build an integrated residential and employment tower, Da Vinci Towers. On Leonardo da Vinci Street, Kaplan's corner is two residential towers, and recently even bought America's home on King Saul Street for NIS 140 million, and intends to improve it by increasing its construction rights. In recent years, a number of property acquisitions in the city, such as the Torch complex on Eilat Street, has been undertaken, on which the company is promoting a residential and hotel project, the central branch of Bank Leumi at the intersection of Herzl-Yehuda Halevi-Lilinblum Streets, where the company will build an integrated residential and employment tower, Da Vinci Towers. On Leonardo da Vinci Street, Kaplan's corner is two residential towers, and recently even bought America's home on King Saul Street for NIS 140 million, and intends to improve it by increasing its construction rights.