Herzliya approves plan for 2,943 new homes


The new development at Kibbutz Glil Yam will also include 90,000-sq.m. of commercial space.

The Herzliya planning and building committee which is certified as an independent committee approved Thursday a plan for a massive residential and employment center in the city. The plan calls for the construction of 2,943 residential units and 90,000 square meters of commercial space on land formerly belonging to Kibbutz Glil Yam. It will also house a complex for emergency services including a police station and a Magen David Adom station.

Since the local Herzliya committee operates independently without requiring the additional approval of a regional committee. The plan was advanced in recent years relatively quickly thanks to the signing of a roof agreement between the municipality and the government.

Under the roof agreement, the two parties agreed on prefunding parts of the plan and funding a park within the complex; it was also decided that most of the residential units will be sold through the buyers price program.

Some 2,700 units will be marketed through the buyers price program with 20% allocated to local residents. A source in the housing cabinet said on Thursday the government intends to publish the buyers price tenders within the next two weeks.

This is one of the largest and most important plans to be sold through the buyers price program, said Minister of Finance Moshe Kahlon, The plan is located at the heart of an in-demand area and will offer a solution for the thousands of young Israelis who would not be able to afford a home without the buyers price program.

Herzliya Mayor Moshe Fadlon said, It is a revolutionary announcement for all young Israelis and specifically for Herzliya residents it is also a significant step for future generations of Israelis.

Deputy Mayor Maya Katz said, The approval of the plan today is another step forward in our work for the young people who want to keep living in the city where they were raised. The plan will be a significant contribution for the city and joins a series of affordable housing projects that we are aggressively advancing.

Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2016

Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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