Israeli businessman Yitzhak Tshuva has recently taken his first steps in Los Angeles real estate territory, Yedioth Ahronot revealed Sunday.
The Elad Properties Company, which is part of the Elad Group, Yitzhak Tshuva's privately owned real estate company, has recently purchased land in one of LA's central locations – between Beverly Hills and Westwood – where it plans to build a 24-storey high-rise.
The project is estimated at $330 million. Elad has secured all the necessary permits and is scheduled to break ground any day now. Apartments in the compound have a starting asking price of $3 million.
This is the first investment Tshuva made in the West coast outside a joint venture with Nochi Dankner to build a Las Vegas hotel.
Elad is currently negotiating another land deal in Beverly Hills, supposedly meant for another venture with Dankner, this time to build a Plaza hotel.
The Elad Properties Company, which has invested mainly in the east coast so far, plan to keep venturing into the west coast.
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