The Tel Aviv Local Planning and Building Committee has approved for deposit an urban renewal project in Tel Aviv's Neot Afeka neighborhood. The project initiated by the Gabay Group will see 120 apartments in eight 3-4 floor blocks built in the 1960s replaced by 378 apartments in two 19-floor towers and four eight-floor buildings. 30% of the apartments will be small.
The plan, designed by architect Gil Shenhav, will include commerce space on the ground floor of the buildings on Mivtza Kadesh Street and 1,500 square meters of public buildings as well as underground parking with one space for each tenant.
Gabay Group estimates that sales from the project will total NIS 850 million and construction will take 15 years to complete from final approval.
Gabay Group owner Eli Gabay said, "The advantage of the project is its location in a long-established neighborhood with large demand and within walking distance of the Yarkon Park. Prices in the project, which will be 3-5-room apartments, wil be about NIS 40,000 per square meter.
Published by Globes, Israel business news - en.globes.co.il - on May 27, 2020
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