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.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
