520 apartments will be built on the site currently occupied by 150 apartments.
Ariel Properties, through subsidiary Margolin Ariel Engineering and Management Ltd., is planning a vacate and build project for Netanya’s Ramat Herzl neighborhood. The project calls for vacating lots currently occupied by 150 apartments in two and three-storey railroad buildings, and building on the site 100,000 sq.m. in modern residential buildings with 520 apartments, public space, parks, and shops. The estimated price of a new four-room apartment in the area is $170,000, which means the project is worth approximately $100 million, including environmental development.
No contractor has been selected yet. Azriel Regev Projects Ltd. is handling the project for the Netanya municipality, in order to facilitate relations with the local administration.
Ariel Properties has studied other vacate and build residential and commercial projects in Netanya, but found them not worthwhile. The company is currently planning vacate and build projects in other cities, mainly in the center of the country.
Published by Globes [online], Israel business news - www.globes.co.il - on July 31, 2005