The local committee approved the construction of a large residential and hotel complex in the city. Avi Carel, a developer from Eilat, is expected to invest 300 million NIS in a complex comprising 146 hotel rooms and 207 residential apartments spread across 11 buildings. He indicated that he is in the process of issuing the building permit for the project.
The land on which the project is planned is located between Highway 90 and Hativat Golani Street, near the airport, which is expected to be evacuated in the coming months at the entrance to the city. The 15-dunam plot was purchased a year and a half ago from Tremosintex Holdings, owned by Arik Jacob and Samuel Steker, for 40 million NIS.
The project, which will be built with an investment of 300 million NIS, will be overseen by architect Yehuda Feigin. The company indicated that negotiations are underway with a major hotel chain that will manage the complex, according to the plan, which includes four floors and two basements. The residential complex comprises 207 residential apartments spread over 11 nine-story buildings and two underground parking lots.
According to Avi Karal, one of the owners of the Cheryl group, this is a new real estate product in Eilat that attracts buyers interested in a second home in Israel, who can also enjoy luxury hotel services. The demands of the Eilat market have changed in recent years with the development of tourism in the city. We are seeing more and more Israelis buying apartments in Eilat for investment and leisure purposes. In Israel, this is a relatively new phenomenon, but in Europe and the United States, it is very common to buy a vacation apartment and visit it in the summer and during holidays.
The local committee believes that this project is worthy and important for the development of the city in general and in the entrance area in particular.
