Israeli businessman Yitzhak Tshuva is set to build a massive rental housing project worth $1 billion in Florida. This will be the largest project of its kind in Davie, which has a population of over 100,000.
The award-winning developer Elad National Properties (Elad USA), Yitzhak Tshuva’s real estate company, will manage the project. The project will consist of five residential towers and cover an area of 2.8 million square feet of mixed-use rental residential apartments and a commercial. The project is named The District in Davie, located close to Florida’s major entertainment and hospitality centers. This is the largest multi-family project in Davie’s history.
It will include 1,256 housing units, 3,600 square feet of restaurants and retail space, and 12,650 parking spaces. Construction in The District in Davie is slated to begin in mid-2023. The first phase is expected to be completed by the end of 2025.
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The recovery of his Delek company has aided Tshuva’s foray into real estate in the US. Tshuva was forced to sell private assets during the COVID-19 pandemic to strengthen his position in Israeli banks and Delek Group. Among the assets sold was Elad Canada, which was acquired by Canadian Raster Group for about $262 million in June 2021. Elad Canada primarily owned land and apartments in Canada and a few plots in the US.
In November 2021, Tshuva sold his remaining 25% stake in Elad Magorim, a real estate company active in Israel, to the JTLV fund. At the same time, he purchased a commercial center in Davie for $12.8 million through Elad USA, signaling his return to the real estate business in Florida. Tshuva had previously sold Star real estate company – in which he owned an equal share with Yakir Gabai – for $1.75 billion to Morgan Properties and Olean America in February 2021. Star owned 48 apartment complexes comprising 14,400 apartments in 11 US states.
The real estate market in Florida, particularly in Miami, is booming, and Israeli investors are increasingly drawn to the region.
Teddy Sagi, another Israeli businessman, has been involved in multi-million dollar transactions in Miami since December 2021, divesting properties in London. One of his most significant projects involves constructing Roicette Condominium, a $700 million apartment building project on the artificial island of Fisher Island near Miami Beach.
