The compounds are part of the Pisgat Ono residential, office, and commercial project.
The Israel Land Administration (ILA) has published tenders for seven residential compounds with an aggregate area of 23.6 dunam (5.9 acres), zoned for 348 apartments, in eight and 19-storey high-rises, in Kiryat Ono. The buyers will pay at least $11.6 million, or $33,000 per land per apartment. Estimated proceeds from the sale of the apartments are $20 million, making this one of the largest tenders in 2003. The compounds are part of the Pisgat Ono residential, office, and commercial project.
The key innovation in the tenders is that the winners must pay the ILA the development costs in full within 50 days from winning the tender. The Kiryat Ono municipality will determine the development costs - fees and levies - under its bylaws. In exchange, the municipality promises to grant building permits within a year from the date the buyers pay the development costs, which is considered an achievement compared with the usual foot-dragging in Israel and its construction industry.
The seven compounds are the first stage of the Pisgat Ono project, which will have 1,400 apartments, a 100,000-sq.m. science park, a 20,000-sq.m. commercial center, public buildings and open spaces.
Published by Globes [online] - www.globes.co.il - on August 10, 2003