A group of tenants in four multi-entrance buildings in Ramat Gan has chosen the Gabbay group for its urban renewal project, consisting of two residential towers: one with 18 storeys and the other with eight.
The site, located between Rashi Street and Ben Gurion Street, currently has 44 housing units and eight stores, which will be replaced by 165 housing units (a 3.75 ratio). Gardens and public space will be prepared between the two buildings connecting the Pudim and Hatotkhan gardens in the neighborhood. The buildings will have three and four-room apartments and mini-penthouses.
The tenants have already signed final contracts, and the project has been approved by a municipal planning forum. Compensation for owners of the existing apartments includes the addition of 14 sq.m. and 12 sq.m. of balconies. As part of the deal, owners of stores in the existing commercial center will receive apartments in the project. A 70-sq.m. apartment is slated for sale at a NIS 1.75 million starting price. The group expects revenue from the project to total NIS 200 million, with the project scheduled to get underway in 30 months.
Gabbay group urban renewal manager Harel Peretz said, "This project comes on top of our other urban renewal projects, which are enlarging the group's presence in this segment. This is a strategic and desirable location. We intend to build two high-quality residential buildings at a high performance level."
Published by Globes [online], Israel Business News - www.globes-online.com - on March 5, 2017
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