Midar has signed a combination agreement to advance a residential tower of about 20 stories at 30-32 Nahalat Yitzhak Street in Tel Aviv. The plan includes commercial space on the ground floor, but the project still requires approval from another rights holder in the land.
The site is in the eastern part of the neighborhood, near the borders with Ramat Gan and Givatayim. Nearby employment districts include Azrieli, ToHa, Midtown, Sarona and the Ramat Gan Diamond Exchange area.
Under a combination agreement, landowners receive a share of the rights in the future project instead of full cash payment for the land. In this case, the company signed the agreement after winning the project, but the consent of another rights holder is still needed before it can proceed.
Ze’ev Greenberg, Midar’s vice president and co-owner, said Nahalat Yitzhak is “an example of an area undergoing significant change.” He said the project is part of a broader trend of renewing older districts in city centers.
The project is being advised by Baron & Co. law firm, while the architectural design is being handled by Eler/Arch.
