Development company GF Real Estate & Co. today launched the Beit Lessin Tower luxury residential project, to be built at 30-34 Weizmann Street near Kikar Hamedina in Tel Aviv. The site formerly housed the Beit Lessin Theater and Beit Hamlin.
The land on which the complex will be located was purchased 18 months ago for NIS 273 million. The new building, slated for completion in late 2020 at a cost of NIS 500 million, is due to receive a building permit next April.
The project consists of two buildings: one residential high-rise and a nearby commercial building. The commercial building, called Beit Lessin, which already exists, will be renovated. It will then continue in its current format - a three-storey income-producing property with a combination of offices, shops, a coffee house, and banks.
The residential tower will have 26 storeys and 13,500 sq.m. of built-up space, divided among 54 apartments. The apartments will have 80, 110, 150, 180, 200, or 212 sq.m., and there will be a 600 sq.m. duplex penthouse with a swimming pool. All the apartments will have 20-sq.m. balconies except for the smallest apartments, which will have nine-sq.m. balconies.
The 80-sq.m. apartments will cost NIS 4.66 million. Three-room 150-sq.m. apartments will start at NIS 9.8 million, and four-room 212-sq.m. apartment will be offered for NIS 13.3 million. The penthouse will be offered for an estimated NIS 60 million.
GF Real Estate CEO Eyal Friedman, a former partner in Gindi Investments, said, "For me, the Beit Lessin real estate venture is the most interesting project I have ever been a partner in, from the negotiation to buy the land, in which many others tried and failed, finding the group of investors, overcoming regulatory barriers, and planning and designing a tower that will be suitable for a such an icon identified with the city of Tel Aviv."
Ella Shemer, owner and partner in Migdalim Real Estate, which is marketing the project, added, "We have planned a varied mix of apartments, with an emphasis on single 150-200-sq.m. apartments, rather than two connected apartments. Such apartments are in short supply in Tel Aviv high-rises. We have also planned balconies for all the apartments, including the small ones with areas of 80 and 110 sq.m."
MYS Architects designed the tower, and Pitsou Kedem Architect designed the public and internal spaces, together with Irene Goldberg and Sigal Baranovich.
Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2016
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