The second urban renewal project in the north Tel Aviv neighborhood of Neve Sharett, close to the Ramat Hahayal high-tech area, is underway.
The second urban renewal project in the north Tel Aviv neighborhood of Neve Sharett, close to the Ramat Hahayal high-tech area, has gotten underway. Five old apartment blocks with 120 small apartments at 4-6 Dakar Street were demolished on Monday. They will be replaced with 324 four and five-room apartments in two 24-story high-rises and four ten-floor buildings, and underground parking, in a project by Afridar Ltd. and Afgad Real Estate Holdings (2005) Ltd. 90 apartments are allocated to residents of the former buildings.
This is the second urban renewal project in Neve Sharett, following a project of 270 apartments under construction on Beit El Street by Ashli Ltd. and S Michelson Ltd. A third project by Electra Real Estate Ltd. (TASE:ELCRE), Direct Capital Investments Ltd. (TASE:DCI), and SGS Building Company Ltd. will get underway in late January. In this project on Rama Street, 450 apartments will replace 154 apartments in old buildings that will be demolished.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2014
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