Almog CDAY Holdings (2002) Ltd., owned by the Amsalem family, is considering a 1,800-unit vacate-and-build project in Be'er Yaakov, replacing 400 old apartments on the site. This is a very high ratio in Israeli terms: Almog plans to build 4.5 new apartments for each demolished apartment.
The Be'er Yaakov Municipality has approved the vacate-and-build project. Almog is still negotiating with the current apartment owners and is far from closing a deal, which requires unanimous consent of the residents. These negotiations could take months.
Almog CDAY manager for urban renewal Efrat Almog said that the company had "dozens of signatures", but declined to say how many residents have agreed to the project.
Almog plans to demolish three and four-floor apartment blocks built in the 1970s and 1980s on Rabbi Meir Baal Haness Street in Be'er Yaakov, and replace them with high-rises.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2010
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