The parking lot at 4-6 Dubnov Street in central Tel Aviv, between Dubnov Street and Leonardo Da Vinci Street, has been sold in an Israel Land Authority auction to subsidiaries of Israel Canada (TASE: ISCN) for NIS 443 million, including development costs. A 45-floor tower will be constructed on the site, containing offices and 170 residential apartments.
The site is 2.4 dunams (0.6 acres) in area, and, as mentioned currently serves as a parking lot. It is adjacent to the National Kibbutz Movement building, which is marked for preservation, in one of the most prestigious areas of the city, close to Sarona and to the military headquarters compound. Last year, the Ministry of Defense filed an objection to the plan for the site because of the building’s height, but in the end the heights remained at 45 floors.
Altogether, the project will contain 1,600 square meters of hotel space, 2,800 square meters of commercial space, 11,600 square meters of offices, and 1,500 square meters of public space, in addition to the 170 apartments.
Published by Globes, Israel business news - en.globes.co.il - on May 27, 2024.
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