The south Tel Aviv neighborhood of Shapira is getting a makeover say the developers and real estate agents who operate there. Many new residents are artists, academics, and media personalities.
The neighborhood lies between Salme Street to the north, Kibbutz Galuyot Street to the south, Har Zion Boulevard to the west and Israel Mesalant Stree to the east. In 2007, the Tel Aviv Local Planning and Building Commission approved the master plan for the neighborhood, which aims at preserving its "urban village" atmosphere by limiting construction to three-floor buildings with a basement and attic. High-rises will not be allowed.
D&A Entrepreneurship and Construction Ltd. has begun creating a buyers group for its 20-apartment Kurkar Project. Four-room apartments in the project will go for NIS 900,000 and five-room apartments for NIS 1.1 million. The company just completed marketing of another project in the area for NIS 7 million.
1,500 apartments currently exist in the neighborhood and dozens will be built every year over the coming years. Developers and residents are also applying for permits to build private houses, and to expand and redevelop current properties for 3-7 rental apartments per building. The Tel Aviv municipality has also approved a local park as part of a project of 72 apartments for young couples.
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2008
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