Acro Real Estate is purchasing space for NIS 340 million in Tel Aviv and will build a 42-story tower. This is a plot of more than 7 dunams in the Yitzhak Sadeh complex in Tel Aviv. Currently, the master plan for the site allows the construction of about 270 housing units, but the company is interested in increasing its rights and hopes to reach more than NIS 1 billion in sales.
In addition to the new lot, Acro Real Estate is also building the “Alpha” tower, which will include a residence and a business hotel, and the “Acro Real Estate” office tower, which is expected to be inhabited at the beginning of the second quarter of the year.
In August 2019, together with the Phoenix, it won a tender to purchase a plot of land (4B) in the new Yitzhak Sadeh complex, for NIS 211.2 million. The plot, which covers an area of 2,626 square meters, is located at the intersection of Menachem Begin, Yitzhak Sadeh, Carlebach and Lincoln streets. 23,000 square meters can be built on the plot according to a valid master plan, and there is potential according to Tel Aviv / 5000 for construction 28 One thousand square meters that include housing and employment.
In addition, it won, in cooperation with the Phoenix and Yuvalim, a huge tender for the purchase of three adjacent plots in the complex. The plots, which cover a total area of about 10,400 square meters, are located at the intersection of Mesger and 1185 streets (a new street connecting the locksmith and Menachem Begin Road, and is a direct continuation of Maza Street). The plots have a valid claim of 53,000 square meters, but it will be possible to increase the building rights according to Tel Aviv / 5000 to about 133,000 square meters in mixed uses, 75% of them for employment and trade and the balance for housing. The companies intend to build three 40-story towers in the complex.
These towers will form part of the City Complex, which will include 14 towers, including an internal park that will be spread over an area of approximately 21 dunams. A boulevard of cafes, restaurants, boutique shops, shopping centers, sports and entertainment will be built on the edge of the park.
The residents and guests of the complex will have convenient transportation access, by car and public transportation. Exits and entrances to the compound were planned in all directions, for vehicles and bicycles. In addition, construction of the light rail red and green line stations began in the complex. It was also recently reported that the tunnel excavation phase along the Red Line route has been completed, and that work is progressing according to plan.
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