Israeli Developer Invests 120 Million Shekels in Two Tel Aviv Projects on Hayarkon Street

Maxim Malul, a prominent Israeli real estate and tourism entrepreneur, is investing approximately 120 million shekels in two major projects along Tel Aviv's Hayarkon Street. The first project involves a comprehensive renovation and conversion of the historic Basel Hotel at 156 Hayarkon Street into a luxury business hotel named "Diane," featuring 134 rooms across six floors. The renovation, costing about 80 million shekels, will include full refurbishment of rooms and public areas, lobby redesign, and upgrades to the pool and facades, with design teams from France involved.

The second project, located at 230 Hayarkon Street near the Swiss Embassy, is a new residential development on a current parking lot. This seven-story building will include luxury apartments with two underground parking levels and a rooftop floor, targeting buyers seeking premium sea-front residences. The investment in this residential project is around 45 million shekels.

Malul's companies have signed execution agreements with Mosheor H. Entrepreneurship and Engineering Ltd., the parent company of Beit Hadash Group, which will serve as the contractor for both projects. Legal representation for Beit Hadash was provided by attorneys Sefi Zilberstein and Topaz Ben Tzvi, while Malul's companies were represented by attorney Polani from Barnea Jaffa Landa & Co.

These developments reflect ongoing urban renewal efforts along Tel Aviv's coastline, enhancing both hospitality and residential offerings. The projects are expected to significantly upgrade the local real estate landscape and attract high-end clientele.

Summary: Israeli real estate investor Maxim Malul is investing 120 million shekels in renovating the Basel Hotel into a luxury business hotel and constructing a new luxury residential building on Hayarkon Street in Tel Aviv, with contracts signed for execution by Beit Hadash Group.