October 29, 2019

Electra Construction will Build a Landmark Project in the Sarona Complex for NIS 715 Million

The subsidiary Electra Construction entered into an agreementwith Melisron and AFI Properties to build the project. Two 40-story towers willbe built on a 13-dunam plot, each tower of a total of about 160 thousand sqm.

Uri Galor

The plot is about 13 dunams, onwhich two 40-storey towers will be built, each of a total size of about 160thousand sqm, which will include offices (about 140 thousand sqm), commercialspace (about 7,000 sqm) for rent, and 10 stories containing 100 housing units,including a sports club and a swimming pool.

In addition, the complex willinclude a Performing Arts School (which will cover an area of ​​approximately7,000 sqm), a public square to be built on the esplanade of the towers which willinclude seating areas and cafés (approximately 5,000 sqm) and a 7-storyunderground parking lot with 2,000 parking spaces.

The works are expected to beginin November 2019 and be completed in about 5 years.

 Yaron Sorek, CEO of ElectraConstruction: "Electra is proud to have been chosen to carry out theconstruction works on this important project and is thankful for the expressionof confidence in it. The project allows us to work in collaboration with largeand high-quality companies such as AFI Properties and Melisron and contributeto the group's experience and professional skills in all the required areas andat the highest standards of quality and performance."

Avi Barzilai, CEO of AFI Properties,and Avi Levy, CEO of Melisron: "The luxury Landmark Tel Aviv complexoffers a residential, commercial and office environment in the heart of TelAviv's high-demand area, and within walking distance of the city’s majorcenters of interest. The project combines a multitude of uses, including theusual strategical uses, but also signals the renewal of the Lev Ha’ir district,maintains multiple interactions between uses, utilizing to the maximum the existingresources through a combination of commerce, office, residence, culturalinstitutions, and more. AFI Properties and Melisron chose Electra to carry outthe works of the project, believing that the cooperation between the companieswill provide the most professional and high-quality response required in establishingthis kind of luxury project."