The Tel Aviv Regional Planning and Building Commission last week approved several projects, including the Yitzhak Sadeh, a.k.a. the Hassan Arafeh project
The commission increased building rights to the compound from 300% to 400-450%, for a total of 205,000 sq.m. of commercial and office space, a large area by any measure. The 81-dunam (20.25-acre) compound, located between Yitzhak Sadeh St., Petah Tikva Rd., and Hamasger St., is owned by the municipality, the Israel Land Administration and private parties.
The municipality initiated the plan for the compound in the 1970s and ‘80s. The plan became valid in 1995. It includes combining and redividing plots and rezoning the area for a mixture of commercial, entertainment, office space, and light industry.
Tel Aviv municipal engineer Danny Kaizer said, “The market climate was completely different when we began the project. The Ministry of Housing and Construction had launched its urban renewal program, and the municipality responded. Once we joined the ministry’s program, there was no way back, since we were tied to the timetable. The budget allocations would have ceased had we not kept to it.”
Globes”: Is there any justification for planning such a huge project during such a severe real estate slump?
Kaizer: “I don’t believe in planning for a specific point in time. The municipality’s duty is to create a planning inventory. When the developers decide to exercise it is another matter.”
The Yitzhak Sadeh compound presently contains neglected and rundown garages, workshops and light industry.
Kaizer said, “The great thing about the plan, in contrast to earlier ones that did not provide suitable incentives, is that this has been rectified and everyone knows what they get and what they can build. They can begin building tomorrow morning as far as I’m concerned. In any case, a project of this scale will take at least 15 years to complete.”
Published by Globes [online] - www.globes.co.il - on June 1, 2003