12,500 home Herzliya plan approved for objections

The Tel Aviv District Planning and Building Committee has approved for objections the Hof Hatachelet (Blue Coast) plan for the southwest of the city. The new neighborhood will include 12,500 housing units, 640,000 square meters of public and municipal buildings, 680,000 square meters of office space, 30,000 square meters of commercial space, and 120,000 square meters of hotels with 2,000 rooms. Hof Hatachelet will also include a 172.5 acre seafront park.

Work on the plan began 18 years ago and was only initially approved in August 2020. Over the next 60 days interested parties will have the opportunity to lodge objections. After hearing the objections and discussing them, the Committee will be able to approve the plan.

Most of the land is owned by small private landowners, with some of the parcels of land purchased during the British mandate. Experts believe that the land is worth more than NIS 1.5 million per acre in the inland areas and NIS 1.625-1.75 million nearer the coast.

Published by Globes, Israel business news - en.globes.co.il - on May 25, 2021