Progress has been made in the long term rent project promoted by Apartment for Rent - the Governmental Company for Housing and Rental Ltd. at the HaMishtala neighborhood in Tel Aviv. Today, the plan was submitted for objections in the district committee, thus completing another stage of statutory authorizations.
Originally, only 90 apartments for rent were to be included in the HaMishtala project, but the number was eventually increased to 136. The project will also include a 1,500 square meter commercial area.
Similarly to a previous project promoted by Apartment for Rent, also submitted in cooperation with the Tel Aviv municipality, this will be 20-year rental project, with a quarter of the apartments designated for the homeless, to be rented at reduced price.
The Apartment for Rent in HaMishtala project is located in Moshe Vilenski Street. The entrepreneur who will win the RFQ, to be published in the future, will build four residential buildings, six floors each, in a six dunam (1.5 acre) plot. Since the plot is cleared for construction, Apartment for Rent estimates that it will be marketed shortly after the plan is vetted in the committee.
In parallel, another plan promoted by Apartment for Rent, in the Goldman Market in central Or Yehuda, was also submitted for objections. This plan consists of 440 apartments, alongside a 9,500 square meter, commercial area. It is yet unclear whether apartments in this project will be offered for long term rent or marketed in a regular manner by Apartment for Rent.
Upon assuming office, Minister of Finance Moshe Kahlon decided to continue the operation of this governmental company, established by his predecessor Yair Lapid. Moreover, he expanded its mandate to promote further projects, alongside the Israel Land Authority and the Ministry of Construction and Housing. As a result, Apartment for Rent is capable of promoting projects not intended for rent and even of marketing the plots itself.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2016
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