Electra to build 3 TLV Sarona towers

Sarona Photo: Shlomi Yosef
Sarona Photo: Shlomi Yosef

The land is zoned for construction of 324 housing units in three residential towers, in a vacated section of the government Kirya area.

After a long period of uncertainty about which building contractor will build the United Sarona project for the buyers group in the southern part of the Kirya (government center) to be vacated, the buyers group today signed a construction agreement with Electra Ltd. (TASE: ELTR). According to the buyers group's figures, the deal totals NIS 600 million, including construction of three residential towers on the site.

The buyers group, managed by Minhal Megurim Israel, won land located in the southern Kirya in an Israel Land Authority (ILA) tender completed last March. The tender, which involved land zoned for construction of 324 housing units in three residential towers, aroused great interest in the sector. The buyers group that eventually won the tender agreed to pay an unprecedented price of NIS 1.06 billion for the land.

Representatives of the buyers group said today that as of now, construction was slated to take four and a half years from the date on which a building permit is granted. No building permit for the land has been received yet, however, and as of now, the date on which the Israel Broadcasting Authority will vacate the land is unknown. At the same time, the buyers group has been trying in recent months to increase the number of housing units in the project by taking advantage of the Sheves amendment, which allows the Local Planning and Building Commission to approve more and smaller apartments to be built on the same site, and to increase the size of the area to be built in the project.

Architect Prof. Moshe Tzur designed the plan for the three towers in cooperation with Citybee Architects.

Minhal Megurim Israel co-CEO Moti Peled said today, "I am glad that the group has chosen to carry out the project with the Electra construction company, one of Israel's leading construction firms."

Published by Globes [online], Israel Business News - www.globes-online.com - on January 18, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Sarona Photo: Shlomi Yosef
Sarona Photo: Shlomi Yosef
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