Hagag Group Real Estate Development Ltd. (TASE: HGG) has received approval from the Tel Aviv Planning & Building Committee for the construction of 855 apartments on three lots in the western part of Einstein Street in north Tel Aviv.
Hagag bought a stake in the three lots in a series of deals in 2016 and 2017 for NIS 440 million. The lots, in which the State agency Israel Land Authority retains a stake, were bought with much smaller building rights than are now being permitted.
In the plan now approved, 215 apartments in 30-floor buildings will be built on the 33A lot on Einstein Street also in 30-floor buildings, and 300 apartments at lot 35 and 340 apartments at lot 36A. The project will also include 8,350 square meters of commercial space.
One third of the apartments will be up to 80 square meters in size, one third will be between 80-110 square meters and the rest will be larger than 110 square meters.
Published by Globes, Israel business news - www.globes-online.com - on April 16, 2020
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