Reality Investment Funds and Kardan Real Estate purchased the majority of the Pardes Snir Compound in Jaffa for NIS 336 millionThe compound spans 55 dunams; on the land, there are other private owners and the Tel Aviv Municipality has partial ownership of it * “This is the last significant land reserve remaining in the region - by promoting a change in designation, we can affect a real revolution that will lead to the creation of a new urban continuum in the area”
28.02.2021 | Erik Mirovsky
Reality Investment Funds and Kardan Real Estate report the acquisition of the majority of a 55-dunam complex in Jaffa, near Bloomfield Stadium, for NIS 336 million.
The compound, known as Pardes Snir, is situated between HaTechiya, Hayesod, HaZerem and 3246 Streets. The land division was purchased from the principal owners, the Kedem Family, which owns many real estate properties in the city. Its stake in the entire compound is two thirds of all the future building rights at the site. There are other private owners of this land, and the Tel Aviv Municipality has partial ownership of it.
The compound currently includes WeWork on HaZerem Street, which is scheduled to continue to operate in the future, a parking lot managed by the Stanley Park Company, featuring 300 parking spots and old low-rise structures that will be demolished. The remainder of the compound is earmarked for the construction of hundreds of apartments, employment and commercial spaces and spaces designated for public buildings.
Dan Menahem, a partner at Reality Investment Funds said that “this is the last significant land reserve remaining in the region; and by promoting a change in designation, we can affect a real revolution that will lead to the creation of a new urban continuum in the area. We believe that with the full cooperation of the Tel Aviv Municipality, we can promote the development of a new attractive quarter, which will lead to a change of the region that will be unrecognizable in the coming decade.”
Reality Investment Funds and Kardan Real Estate were represented by Adv. Moshe Hardi and Karin Fried of Herzog Fox & Ne’eman law firm. Hardi will join the Reality Investment Group and lead new activity that will launch the Group in the coming months. The Kedem Family was represented by Amnon Sorek and Yifat Fux of the Hamburger Evron & Co. law firm.