ynet published details of an execution agreement signed between the Ashtrom Group and Israel Canada for the construction works of the Rainbow residential project in the Sde Dov district of Tel Aviv. Ashtrom is expected to serve as the main contractor and lead the works across a total scope of approximately 75,000 square meters.
According to the report, the project plan includes a 40 story residential tower and six additional 8 story buildings, together comprising approximately 459 housing units. In addition, the plan includes around 1,600 square meters of retail space, a component that broadens the project’s overall mix and adds uses beyond residential.
The execution scope for the project is estimated at approximately NIS 736 million. The project is expected to be delivered in phases, with the final phase scheduled for delivery in about 4.5 years. Barak Rosen, CEO and owner of Israel Canada, said: “This is one of the Group’s most significant flagship projects, reflecting our vision to lead a new residential experience in Israel.”