7-Store Building Planned Opposite Dan Tel Aviv; Lot Sold for NIS21 Million

Part a lot opposite the Dan Tel Aviv Hotel, Tel Aviv’s first luxury hotel in 1953, has been sold to Liz Management Holdings from Multiland Ltd. and Karlin Group for a whopping NIS21 million. The lot is located at HaYarkon Street 102 facing the hotel on the corner of Mendele Mocher Sforim Street.

Businessman Reuven Zaluf, the owner of the acquiring companies, intends to construct a building comprising 7 stories and 27 flats on 750 square meters of the purchased space. The project, designed by the Yaniv Pardo architectural firm, is in the pledge phase. The sellers kicked-off the campaign to sell the lot for a municipal construction plan at the Commission for Local Building and Planning. Now the promotion is up to the buyers including transferring portions of buildings designated for conservation on Nahalat Binyamin and Gottlieb.

According to the agreement, an old two-story edifice on the location will be maintained and the new structure will be created behind it. Above will be a level for shops and there will be parking underground.

Karlin Group owner Alex Karlin, Karlin owner, verified the details telling Israel’s online daily business news source Globes that they are in progressive stages of planning, and are confident they will acquire a permit to proceed by next year. The intended structure presents the task of conserving and halting the start to first create the parking underground.

Another challenge posed is the complexity of building near to the sea. To circumvent actually working in the water, the excavating of the buried floors for parking has to be exact and must occur at the time of the year when the sea is at its most shallow.

Karlin also said that that selling the flats would only start once they have the permit to build. The project advisor is Advocate Yaron Gaver. Gaver is a Senior Partner at Goldman, Erlich, Gaver, Edelstein & Co., one of the leading law firms in the real estate in Israel, planning, and contraction sector. The firm is also extensively involved in various matters of commercial law and has trust and litigation departments, which are involved in a broad range of complex, large-scale cases.

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