The Tel Aviv District Planning and Building Commission in the Planning Administration has validated the Israel Diamond Center triangle plan, consisting of three new office and residential towers in the northwestern part of the Israel Diamond Center site in Ramat Gan. Two of the new buildings will be 50-storey. One high-rise will have commercial space, 60 floors containing 350 student dormitory rooms, and 400 long-term rental housing units.
The 16-dunam (four-acre) site, owned by Israel Land Authority and Ayalon Highways Co., is located at 37 Menachem Begin Street. It is bordered by Begin Street on the east and the Ayalon Highway on the west.
According to the plan initiated by Apartment for Rent - Rental Housing Government Company, the two office towers will be built along the Ayalon Highway, and another building with eight floors will also be built. The 60-storey tower will be built on the eastern part of the site along Begin Street. The rental apartments in it will be on the Apartment for Rent model of at least 20-year leases at controlled rents. 25% of the apartments are designated for renting at reduced rent to those eligible.
The plan also includes 10,000 square meters of public space designated for an educational institution, so that the Shenkar College of Engineering and Design can be moved from its current location on Yeda Am Street, which will then be used for a school for the Haruzim neighborhood. This neighborhood has had a shortage of public buildings in recent years, due to the massive addition of apartments under Tama 38 projects.
The plan also includes 900 underground parking spaces, 600 of which will be allocated to the project and managed as a public parking lot, while 300 parking spaces to a public parking lot under Begin Street. The parking lots will be used for buildings renovated in the area with added construction space, to which parking cannot be added. The plan was deposited for objections in January 2018. Among the opponents was Apartment for Rent, which demanded additional parking places in the project in order to bolster its marketing potential. The District Planning and Building Commission rejected the objection, explaining that the project would be located close to main traffic arteries and the mass transit system, including an Israel Railways station and a future station of the light rail Red Line.
The District Planning and Building Commission added that one of the purposes of the plan and its mix of uses was to create office, commercial, and residential centers that would active at all hours of the day.
Published by Globes, Israel business news - en.globes.co.il - on May 12, 2019
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