strauss elite building 2.
(photo credit: Courtesy photo)
Israel will soon get its first taste of the Donald Trump style of living with the revelation that the US real estate tycoon plans to build a luxury apartment tower in Ramat Gan within the next five years.
Food company Strauss-Elite Ltd. said Wednesday it sold the building to a foreign investor from the US for $44 million. N.S. Tito Architects, the Israel representative for Miami-based developer Crescent Heights, confirmed that Crescent had signed an agreement with Trump to develop the project where they are planning a 60 to 70 story luxury apartment and office building that would carry the Trump name.
"Crescent Heights and Donald Trump want to build a tower for prestigious living, according to American standards," said Sami Tito, CEO of Tito Architects. "The site is an important one in the city, strategically located next to Migdal Aviv."
The property covers an area of 15,000 square meters and is currently used as office space by Strauss-Elite, which has the rights to use the building for the next two years. When those rights expire, the consortium wqs expected to start construction on the project. Development was expected to take approximately three years to complete.
Strauss-Elite said it would record a capital gain of NIS 120 million on the sale.
Representatives of Crescent Heights are scheduled to visit the country in April and Trump is expected to follow with a visit shortly thereafter, Tito said.
The deal marks the second time in less than three months that Trump has been associated with projects in Israel. A Trump business associate confirmed in December that the billionaire was planning to build a $500m. beachfront hotel complex in Netanya.