Netanya's first vacate-and-build project will have 333 apartments.
Africa-Israel Investments Ltd. (TASE:AFIL) unit Africa-Israel Residences Ltd. (TASE:AFHS) will build Netanya's first urban renewal project at the Andrews lot in the northwest part of the city, near the beach. The vacate-and-build project will replace 116 apartments in old four-floor buildings with 333 apartments in four high-rises and a large public space.
When the plan was filed for deposit for public objections, it included 320 apartments. Africa-Israel, which initiated the plan, actually opposed it in that format, arguing that unless the number of apartments was increased, the project would not be worthwhile. The Central Regional Planning and Building Commission agreed to add 13 apartments.
In a separate development, Africa-Israel will build 600 apartments in Givat Shmuel on land owned by developer David Appel. The site was originally zoned for 270 apartments, but the Central Regional Planning and Building Commission expanded the project, after rejecting objections by residents of the adjacent Kiryat Matalon neighborhood of Petah Tikva.
Published by Globes [online], Israel business news - www.globes-online.com - on November 14, 2013
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