They will build 500 apartments in Hafetz Haim and Kfar Hamaccabi.
Ampa, Emanuel Sharon and Oded Megiddo have bought two compounds from Kibbutz Hafetz Haim in the Haifa Bay area and Kibbutz Kfar Hamaccabi in the Negev, each zoned for a retirement village of 250 housing units in 26% deals. The investment is estimated at $70 million, not including the land.
These are Ampa’s first residential projects. The Hafetz Haim retirement village will be the first of its kind in Israel intended for the religiously observant public.
The project has been delayed because the land was bought under Israel Land Administration Council Resolution 717, which the Supreme Court has frozen. The developers are meanwhile moving ahead on the Urban Building Plan (UBP), on the assumption the projects will be approved later.
Published by Globes [online] - www.globes.co.il - on December 29, 2002