Aura Investments Ltd. (TASE:AURA) notified the Tel Aviv Stock Exchange (TASE) this morning that it has been awarded the rights to build the urban renewal project at 4-8 Ahimeir St. in the Ramat Aviv Gimmel neighborhood in North Tel Aviv.
Ahimeir St. is one of the main thoroughfares in Ramat Aviv Gimmel and contains the Schuster Commercial Center. On the land in question, there are currently three 8-floor buildings with 144 apartments that were constructed in the 1970s without security rooms and without taking into account the earthquake protection standards required today.
In implementing the new urban renewal project, Aura will demolish the three existing buildings and replace them with three 18-story buildings with 290 apartments. Each apartment will be 25 square meters larger than the existing units and have sun balconies. The buildings will have underground parking, and public areas with a swimming pool and fitness room
Aura also reported that it plans entering negotiations with the owners of 10-14 Ahimeir St. to undertake a similar urban renewal program, which would increase the number of the new apartments in the street to 600.
Ramat Aviv Gimmel is one of North Tel Aviv's most exclusive and expensive neighborhoods and the project from 4-8 Ahimeir St. is worth an estimated NIS 370 million with an expected profit of NIS 70 million for Aura.
Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2016
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