The project involves replacing 124 existing apartments on Miron and Bar Kokhba streets.
Minrav Holdings Ltd. (TASE: MNRV) is moving forward with an urban renewal project in Herzliya after homeowners selected the company a part of a tender.
The project involves replacing 124 existing apartments on Miron and Bar Kokhba streets with with 362 units in 7-15 story buildings above commercial premises. Some of the plans submitted to the local planning committee involve an even larger number of units.
The area involved covers 10,000 square meters and currently comprises 9 three and four floor buildings from the 1960s. The average apartment is only 66-sq.m. in size.
Minrav reported to the Tel Aviv Stock Exchange that 101 of the apartment owners, above the legally required 80%, have agreed the deal. They homeowners will be entitled to a new 4-5 room apartment with balcony, storage room and underground parking.
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
urban renewal Herzliya