The Local Planning and Building Commission has decided to recommend for deposit an urban renewal plan in Kiryat Ono to the District Planning and Building Commission.
The plan, initiated by Bonei Hatichon Civil Engineering and Infrastructures Ltd. (TASE:BOTI), includes the construction of 930 new housing units in place of 324 existing housing units. It also includes 2,620 sq.m. of commercial space in the new residential buildings.
The plan involves an area of 25 dunam (6.25 acres) along Levi Eshkol St. between Shai Agnon St. and Yehezkel St. Nine towers of between 16 and 21 storeys are being proposed in place of the 15 buildings constructed in the 1960s.
The agreement with the existing tenants entitles them to apartments of 3-5 rooms according to the area of their current apartments. The new apartments will have balconies, underground parking, and a storage room. The Moshe Tsur architectural firm is responsible for designing the project.
As of now, Bonei Hatichon is in contact with the apartment owners in the compound, and has so far obtained signatures from 60% of them. Because the area is a large one, the company plans to begin with buildings in which the highest proportion of apartment owners has signed. One important point is that the plan has only been recommended for deposit by the District Planning and Building Commission, and now must go through several more stages before it is approved for validity.
"The project will be constructed along an important road in the city. Most of the buildings there were constructed 50 years ago, and are in a state of disrepair," says Bonei Hatichon CEO Ami Peretz. "A project on this scale will change the neighborhood, lead to upgrading of the existing infrastructure, and provide the residents with a better quality of life, in addition to the advantage of increasing the supply of apartments by hundreds of housing units in an area of high demand."
Published by Globes [online], Israel business news - www.globes-online.com - on August 20, 2015
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