Canadian company Beaverhall has purchased a 1,200 square meter lot from private owners in Tel Aviv's Nofei Yam neighborhood for NIS 80.5 million.
The lot has building rights for 31 apartments and commercial premises. Such a price of more than NIS 50,000 per square meter would have seemed unrealistic six months ago but the tender bids for land at nearby Sde Dov have had a major influence throughout north Tel Aviv.
Controlled by Amos Tamam, Beaverhalls' Israeli unit will develop the site at the corner of Yashar Hefetz and Amir Gilboa Streets with an 11-floor apartment block with 31 three, four and five-room apartments with sun balconies including penthouses and garden apartments.
Founded in 2001 Beaverhall has built dozens of projects in the Greater Toronto area. Beaverhall Israel was set up in 2015 and is managed by Tamam's daughter and son-in-law Dana and Yuval Kalansky. Beaverhall Israel's projects include 87 apartments in "Young Eliyahu" in two buildings in Yad Eliyahu in Tel Aviv and nearby 214 studio apartments for rent to students.