900 apartments built in the 1950s will be demolished and 2,200 apartments and 5,000 sq.m. of commercial space worth $700 million will be constructed.
The Givatayim municipality, the Israel Land Administration, and private developers will build the Israel’s largest ever evacuation-construction project, with 2,200 apartments and 5,000 sq.m. of commercial space. The estimated retail value of the project is $700 million.
The Givatayim planning and building committee this week approved the plan for the huge project in southern Givatayim. There are 900 old apartments on the site, built in the 1950s.
The buildings will be demolished and the new apartments constructed in their place in towers of nine to nineteen storeys. The site will contain public buildings and parks, in addition to commercial space.
The plan still requires the approval of the Tel Aviv regional district planning and building committee. The Givatayim municipality assesses that the plan will be approved quickly, since it has the consent of both the municipality and the residents committee.
Published by Israel's Business Arena on January 4, 2001