Israel Canada Group and Silverstein Properties, owned by U.S. real estate magnate Larry Silverstein, are developing a plan for the international luxury hotel chain Four Seasons to open its first branch in the Holy Land.
Israel Canada reported to the stock exchange Thursday that the Tel Aviv-Jaffa Planning and Building Committee approved an outline for the construction of three 35-40-story towers including approximately 600 hotel rooms, luxury apartments and commercial areas.
As part of the municipality's policy, the entire project will include just about 600 parking spaces due to its proximity to mass transit systems and developers will also have to build passages to allow the public easier access to and through the site.
The land — which is located about 250 meters (800 feet) from the beach and currently holds dilapidated single-to-three-story buildings, including commercial businesses and temporary buildings — is owned by Tel Aviv-Jaffa Municipality, Israel Land Authority and various private landowners including Israel Canada.
The plan has been drawn up by Israel's Moore Yaski Sivan (MYS) Architects and Connecticut-based Pelli Clarke Pelli Architects.
The project is estimated to be completed within six years.
Four Seasons operates more than 100 hotels and resorts worldwide