Earlier this week the Tel Aviv Local Planning and Building Committee approved a plan for the Rival Street area being promoted by Carasso Group, the company reported this morning.
The area between Rival, Yagia Capaim and Yad Harutzim Streets covers 14 dunams (3.5 acres). Carasso plans building three towers of 41-48-floors each with 410 housing 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 demolishing five buildings on the site including the old Carasso tower on Yad Harutzim Street and the car importers showroom, garage and service center and a banquet hall. The company's historic headquarters at 26 Rival Street will be preserved.
Carasso Group estimates that construction of the three towers will begin in 2026 and end in 2031. The value of the land is estimated by Carasso as worth NIS 984 million (the company's share). When the project is completed it is expected to yield annual NOI of NIS 132 million.
The plan is being designed by Moore Yaski Sivan (MYS) Architects as part of the urban 5000/TA plan. Engineering management company Waxman Group is supporting the project.
Carasso Real Estate CEO Dan Parness said, "We have planned a new, active and vibrant urban area in an attractive and fast growing location in Tel Aviv, combining housing, commerce, hotels and offices, and attracting diverse groups. The plan includes unique architecture that integrates new high-rise construction while preserving a low historic building and creating a high-quality, advanced and flourishing area."
Published by Globes, Israel business news - en.globes.co.il - on May 15, 2024.
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