The investment is estimated at $35 million.
The board of the Old Jaffa Development Corporation (50% Tel Aviv municipality, 25% Israel Land Administration, 25% Ministry of Tourism) has recently approved five plans for building 118 apartments and 1,700 sq. m. of commercial space on its sites within the Old Jaffa boundaries. The investment is estimated at $35 million. Implementation of the plan will give a lift to the area, in which only 60 apartments have been built to date. The plans:
- Oz Investments, owned by the Piltz family and Eitan Lipshitz, will build fourteen 120 sq. m. apartments, two penthouses and a 500 sq. m. commercial area on the Israel Experience site. The apartments are designated for artists only. This ends a controversy going back years over the future of the site. The architect is Efrat Kovalsky.
- Tzedef, controlled by the architect Ilan Pivco and the Kastiel family, will build fourteen studio apartments and a 500 sq. m. commercial area on a 900 sq. m. plot beside the port. Two weeks ago, the District Court rejected a petition against the project from neighbours.
- Developer Moshe Dadash of Jerusalem will build "Mitzpe Yafo" (Jaffa View), 8 apartments and a cafe-restaurant opposite the Abulafia Restaurant, on land for which he bought up all the building rights last year.
- Brig. General (Res.) Zvi Oren will build "Migdal Omanim" (Artists’ Tower), including thirty apartments and a 500 sq. m. commercial area, on the Caliph Club site, preserving and adding on to the old building. The architect is Michal Eshkolot.
- The Armenian Church will build 50 apartments, covering 5,000 sq. m., in conjunction with a developer from Herzliya. The project will be built on private land.