The 13-storey building in the Florentin neighborhood will be surrounded by a park for local residents.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) has bought land zoned for 135 apartments in the south Tel Aviv neighborhood of Florentin for NIS 40 million, announced CEO Yoam Keren. He estimated the proceeds from the project at NIS 170 million.
The 2.5-dunam (half-acre) lot between Levinsky St. and Markolet Street was bought from private owners in a combination deal. Africa-Israel Housing will build two and three-room apartments in a multi-wing 13-storey building. Apartments on the top floors will be able to see the Mediterranean. The building will be surrounded by a park for local residents.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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