Aura Investments Ltd. (TASE:AURA) today notified the TASE that it had been selected to carry out an urban renewal program by representatives of residents in the Neve Israel neighborhood in southern Herzliya, which borders the Neve Amirim neighborhood in Herzliya, and Ramat Hasharon.
According to Aura, the urban renewal project will be according to the urban building plan drawn up by the Local Planning and Building Commission in cooperation with the Herzliya municipality. The District Planning and Building Commission delegated its authority to the Local Planning and Building Commission in order to expedite urban renewal procedures in the city. 132 housing units will be removed from a site located between David Alroi Street, Paratroopers' Street, and Bar Kochba Street, with 500 housing units being built on the site in 10 buildings of up to 15 floors each. The project will also include public space, public buildings, and a public parking lot.
Neve Israel is considered a fairly poor neighborhood sandwiched between more prosperous neighborhoods in Herzliya. Recent years, however, have seen the construction of new private homes there, and urban renewable projects in old multi-entrance buildings have been anticipated. The average price per sq.m. in the neighborhood is NIS 21,000, while the average price per sq.m. in the Neve Amirim and Tzmarot neighborhoods is NIS 25,000 and NIS 30,000, respectively.
Aura is developing, planning, and building 36 residential housing projects in Israel, with an emphasis on urban renewal projects. The company is planning and building a total of 6,100 housing units.
Aura owner and CEO Jacob Atrakchi said, "This is a project with great potential, mainly due to its excellent location. It fits in with the company's strategy of demolishing and building a new neighborhood with large public spaces, as we have done with others of our projects."
Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2016
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