Nitsba granted permit for homes on former Herzliya bus station

Nitsba Herzliya Image: Division 3

The company will build 400 apartments in towers ranging between 10 and 27-floors.

After ten years of planning, Nitsba Holdings Ltd. has received a permit to build a major residential project on the site of Herzliya's former central bus station. Nitsba will build 400 apartments in towers ranging between 10 and 27-floors.

The plan was first approved by the Herzliya local planning and building committee in 2010 and approved by the district committee in 2013.

The Herzliya central bus station was closed in 2016 and demolished over the following year. Nitsba, controlled by businessperson Haim Tsuff, has the rights to 19 bus stations around Israel but this is the first time that Tsuff has been able to take advantage of those rights since taking control of the company.

Development company Nitsba recently contracted Electra Ltd. (TASE: ELTR) to build the project, which will be called Herzliya Park, for NIS 360 million (NIS 900,000 per apartment).

Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Nitsba Herzliya Image: Division 3
Nitsba Herzliya Image: Division 3
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