The Zichron Yaakov master plan calls for the doubling of the number of apartments in the town to 8,000 over the next 18 years. The number of residents will grow from 13,500 to 25,000. The plan was prepared by Citylink, in conjunction with YG Mitar Management and Development, the local council, residents and the local economic development corporation. The local council has approved the plan for deposit.
Zichron Yaakov's population has grown by 7.5% a year in the past few years. The master plans assumes a future growth rate of 3.5% a year. The town has plots zoned for 4,000 apartments and houses, so there is no need to rezone land.
The master plans calls for the preservation of historical buildings, mixed neighborhoods of luxury homes with artists and tourist workshops, and 530-dunam (132.5-acre) Wine Park consisting of home, hotels, vineyards and olive groves, a winery, restaurants and art galleries.
The plan also calls for the doubling of income-producing property from 100,000 to 200,000 sq.m., to provide employment, including 600 hotel rooms, 30,000 sq.m. of business services, 20,000 sq.m. for industry and 20,000 sq.m. of commercial space. Zichron Yaakov currently has 400 hotel rooms, and is one of Israel's few tourist spots unaffected by the tourism crisis, since only foreign tourism accounted for only 8% of its business in recent years.
Published by Globes [online] - www.globes.co.il - on June 2, 2002