Earlier this week, the Tel Aviv Local Planning and Building Committee approved a plan for the Reval Street area promoted by the Karasu Group, the company said this morning.
The area between Reval, Yagia Kabaim and Yad Harutzim streets is 14 dunams (3.5 acres). Karasu plans to build three towers of 41 to 48 floors each, each with 410 residential units, including 144 affordable homes, as well as 111,500 square meters of office, commercial and hotel space and 9,500 square meters of public space.
The plan includes the demolition of five buildings on the site, including the old Karasu Tower on Yad Harutzim Street, a car importers showroom, a garage, a service center and an auditorium. The company's historic headquarters at 26 Rival Street will be preserved.
The Karasu Group estimates that construction of the three towers will begin in 2026 and end in 2031. The value of the land is estimated by Karasu at NIS 984 million (the company's share). When the project is completed, it is expected to generate an annual net income of NIS 132 million.
The plan was designed by Mor Yaski Sevan (MYS) Architects as part of the 5000/TA Urban Plan. Engineering management company Waxman Group is supporting the project.
Dan Barnes, CEO of Karasu Properties, said: “We have planned a new, active and vibrant urban area in an attractive and rapidly growing location in Tel Aviv, combining housing, commercial, hotels and offices, and attracting diverse groups. The plan includes a unique architecture that integrates construction The new high-rise while preserving a low-rise historic building and creating a high-quality, developed and prosperous area.
Published by Globes, Israel Business News – en.globes.co.il – on May 15, 2024.
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