The National Council for Promoting Preferential Areas for Housing has approved for deposit for objections by the public, a plan to build a large new neighborhood in Rehovot. The new neighborhood will extend over 450 acres in the east of the city, between Menachem Begin Boulevard and Road 40. To the northeast are the fields of Moshav Yashresh and the Gezer Regional Council.
Most of the land is owned privately with only 3.5% of state owned lands and 1,200 private landowners, many of them private developers like Prashkovsky Investment & Construction Ltd. (TASE: PRSK), which recently notified the Tel Aviv Stock Exchange that it has rights to 21.25 acres and plans building 380 housing units for sale, 205 homes for long-term rental and 600 square meters of commercial space.
Out of the 6,900 apartments, 1,000 are being developed by the Apartment for Rent - Government Company for Housing and Rental Ltd. for long term rental. The new neighborhood will also have 300 sheltered housing units, 700,000 square meters for office developments, 45 acres for public buildings, and 57.5 acres of open spaces.
The neighborhood mixes high-rise and lower density construction and the public has 60 days in which to object.
Rehovot Mayor Rahamim Malul said, "We welcome everything that moves forward construction of the new residential neighborhood in the east of Rehovot. The plan provides a comprehensive response to the overall needs of the neighborhood and the city, while taking into account the open spaces surrounding it, and it offers a developed infrastructure for pedestrians, bicycle riders, public transport and cars. Promotion of the plan has been undertaken with strategic thinking together with expert consultants and adapted to the correct pace of development for the city."
Published by Globes, Israel business news - en.globes.co.il - on June 30, 2020
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