The National Planning and Building Commission yesterday approved for deposit the plan for the construction of 23,000 apartments at the Israel Military Industries Ltd. (IMI) site at Ramat Hasharon. In February, the Tel Aviv and Central regional planning and building commissions approved the plan.
The IMI site covers 7,500 dunam (1,875 acres). The Israel Land Authority will market the land in stages through 2050. Construction of the first 3,500 apartments will be expedited through the National Housing Committee, when detailed plans are completed making it possible to market the land.
In addition to housing, the project will include business space. Half the land will be parks and open space.
According to a document submitted earlier this year, to the Knesset Internal Affairs and Environment Committee, decontaminating the IMI site will take 15-20 years and cost NIS 500 million. An earlier report two years ago estimated the clearance and decontamination cost at NIS 2.3 billion. The report said that the Water Commission had found that the decontaminated groundwater at the site was the worst in Israel.
The government will be responsible for decontaminating the site, which will be financed from the proceeds of the land sales. The Israel Land Authority said yesterday that it has initiated the decontamination, which will be carried out in stages as the project progresses.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2011
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