Dan Bus Company is promoting a plan for a large residential project at the entrance to the Ramat Hahayal neighborhood, close to the Shikun Dan neighborhood, in Tel Aviv. Under the plan, the bus depot operating on the site will be moved, and 740 apartments will be built on the vacated land. Revenue from the project is projected at NIS 1.85 billion. The Tel Aviv municipality owns 6% of the land.
The Dan bus depot is a triangular site bordered by Mishmar Hayarden Street, Raoul Wallenberg Street, Pinhas Rosen Street, and Nahlaot Street. The plan for the site, drawn up by architect Moshe Tzur, consists of thirteen residential buildings of differing heights. Fifteen-floor towers will be built along the main roads, while lower buildings, of 7.5 floors, will be built along the line of private houses adjacent to the plot on its northern edge.
In talks between Dan Bus Company and the municipality, which, as mentioned, owns part of the site, a plan has been formulated whereby six dunams (1.5 acres) will be for public use. This will give a density of 24.6 apartments per dunam net, and 31 gross (that is, including the public areas).
According to realtor Kobi Cohen, from the local branch of the Anglo-Saxon real estate agency, apartments in the area sell for NIS 3 million upwards.
Local residents are objecting to the plan on environmental grounds and on the grounds that it will create traffic congestion.
Published by Globes, Israel business news - en.globes.co.il - on March 8, 2021
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