The Tel Aviv-Yafo Local Planning and Building Committee this week approved a plan for the Hashmal Lot at the corner of Menachem Begin Road and Hahashmal Street opposite the Old Central Bus Station. The plan is designed to rejuvenate the area, which currently serves the Israel Electric Corp. (IEC). The company's offices and installations have moved to Rishon Lezion and the entire area has been transferred to the Israel Land Authority and Tel Aviv-Yafo Municipality.
The plan has now been officially approved and will include a mixed-use 30-floor4 tower in the northern part of the lot, an eight floor office building and a five floor building for public uses. The plan includes 120 apartments, 34,400 square meters of office space, 4,000 square meters of public buildings, and 2,000 square meters of commercial space.
The plan will also include the preservation of four buildings, including an old water tower, and will provide access between Begin Road and Hahashmal Street through public plazas and passageways. In 2018, the value of the complex was estimated at NIS 3 billion, but with rights for 2,000 new housing units, sixteen times the number in the approved plan.
Published by Globes, Israel business news - en.globes.co.il - on February 20, 2025.
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