Dan Real Estate has won an Israel Land Authority auction for the purchase of a 255-square meter lot in the Neve Tzedek neighborhood of Tel Aviv. The lot, located at the intersection of Elhanan Street and Degania Street, is zoned for construction of a building with 10 apartments and a commercial façade. The company will pay NIS 17.6 million for the lot.
A plan called Tafri Neve Tzedek East applies to the lot. The plan, which was approved in January 2018, includes the northeastern part of the neighborhood bordered by Elhanan Street, Talmi Street, and the edge of Rothschild Boulevard. The plan, which covers 35 dunam (8.75 acres), is designed to preserve the neighborhood's historical construction fabric, which features low construction and a high land cover (buildings that occupy a large proportion of the lot on which they are constructed).
The plan applying to the lot that was sold stipulates a 15-meter high, three-storey building with a commercial façade. The average space of the apartments will be at least 65 square meters. The minimum price in the auction was NIS 5.44 million, and 14 bids were submitted.
Published by Globes, Israel business news - en.globes.co.il - on May 14, 2019
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