(IsraelNN.com) A new NIS 170 million ($44.7 million) housing project just west of Netanya’s coastal road will create 169 single family homes, according to a Sunday announcement by the Rothstein Building Company, reported by Bizportal.

The company said it had signed an NIS 8 million agreement to acquire 80 percent of the capital of a firm called Niron Tziron, including partial ownership rights on Netanya lands near the coastal highway. This agreement paved the way for the building project.

Rothstein said it had agreed to complete payment upon receiving building permits from the city. In addition, Niron Tziron gets rights to 12 divisions of land, and construction services from Rothstein to build 12 residential units.

The construction project is expected to begin within the coming year, a company spokesman said.

In addition to its residential projects throughout the country, Rothstein, Israel’s oldest construction company, has to its credit several Israel Defense Forces (IDF) bases, wings of the Dimona nuclear plant, industrial plants, and the Ichilov Hospital.