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U.S. Businessmen, Israel Agency Cooperate to Construct $100m Marina in Tel Aviv

A group of California businessmen have joined with the Israel Government’s Tourist Development Corp, Atarim, to construct a $100 million marina, residential and office complex on the Tel Aviv seashore, it was announced here today. According to David S. Perry who heads the investors’ group, the project will take five-10 years to complete and will ultimately represent investments exceeding $100 million. Perry described the “Marina City Development Corp. of Tel Aviv” as a joint venture with Atarim. His group has concluded a 59-year lease and a 40-year option on the property with Israeli authorities. The site of the project is a 60 acre tract at the mouth of the Yarkon River which was formerly the Tel Aviv port, now no longer in use. Perry said the marina would contain about 800 slips and a yacht club. In addition, major hotels, office buildings, condominium apartments, shopping centers, restaurants, theaters and other facilities are contemplated.