Rival complex. Busy and active (Photo: Image: Yeski Mor Sion Architects)
The Carso Real Estate Company of the Carso Group reports today to the Tel Aviv Stock Exchange that the Tel Aviv-Jaffa Local Planning and Construction Committee has approved the "Rival Carso Area" project in Tel Aviv, which the company is promoting. According to the plan, in a complex in the area
of 13 dunams located at the corner of the streets of Yad Hafiim, Yad Harutz and Rival, there are building rights for a new mixed-use complex that combines residences, commerce, employment, hotels and public spaces.
The plan proposes the construction of 3 towers that will rise to a height of 41-48 floors in a built area of about 158 thousand square meters.
410 housing units will be built there, of which 144 are within reach, about 111 thousand square meters for commerce, employment and hotels and about 9.5 thousand m "R of public spaces. The ground level, which is not built on, will be defined as an "easement" and will be open for public use.
The plan for the complex was drawn up by the firm of architects Yeski Mor Sion, and it includes, among other things, preservation of the building on Rib Street.
The value of the Rival complex is estimated in the latest Carso reports at approximately 966 million shekels (the company's share), calculated on the basis of a value of 22,000 shekels per square meter of built offices.
The complex is expected to generate NOI in 2023 in the amount of approximately NIS 16.4 million and upon completion of the project is expected to generate NOI in the amount of approximately NIS 132 million.
Dan Frans, CEO of Carso Real Estate, said following the committee's decision, "We are happy about the local committee's decision to deposit the Rival complex plan, the proposed plan will create an active and vibrant complex of residences, commerce, hotels and employment in a very attractive location in Tel Aviv, which is expected to yield The company has an operating profit (NOI) that is 8 times higher than that produced by the complex today."
Carso Real Estate is a public company operating in the fields of yielding real estate and residential real estate, and its shares are traded on the Tel Aviv Stock Exchange.
In July 2022, the company completed a public offering and registration for trading on the stock exchange, and as part of the fast track of updating the stock market indexes, the company entered the Tel Aviv 90 and Tel Aviv 125 indexes in October 2022.
Real estate
urban renewal
Tags
collapsed
urban renewal
Tel Aviv Jaffa