Congratulations to our clients, the landowners of a property, an area of approximately 100 dunams located in the western side of the Sea of Galilee, near the Shikmim Beach of south Tiberias, for signing an agreement with the Avgad Kinneret Group Ltd. (a subsidiary of the Avgad Holdings Ltd. company) to establish the “Kinneret City” project.
The parties signed a combination agreement in relation to phase A of the project, under which commercial spaces, 190 hotel rooms, a congress center and a theater will be established, in a total area of approximately 100,000 square meters.
The total expected costs of phase A is about NIS 600 million (not including VAT).
In addition, the parties signed an option agreement in relation to the second phase of the project, which includes 810 hotel rooms in 4 hotels and about 400 residential units in accordance with a new land zoning plan that will be submitted by the landowners to change the designation of some of the second phase lands from hotels to residential properties.
Represented the landowners in the transaction – Israel Aziel, Head of the Real Estate Department of our firm, and partner Yael Flatau Bilu.
To read more (in Hebrew)> The Marker | Funder | Sponser
