The Tel Aviv Local Planning and Building Commission today recommended approving for deposit a huge plan for the Shefa Tal site near the Montefiore neighborhood. The plan includes 800 apartments in three or four 44-story high rises. Half of the apartments are slated for long-term rental.
The plan includes 52 dunam (13 acres) between Givat HaTachmoshet St., Begin Rd., and Isserlis St., south of the Montefiore neighborhood. Also included in the plan are the construction of a residential and business compound and the construction of public buildings that will also serve the Montefiore neighborhood, as well as access to the Hashalom railway station for pedestrians, by public transportation, and through bicycle paths.
Under the plan, construction will cover 221,000 sq.m., including residences, business, and trade; 30% of the space is for housing. Half of the apartments are designated for affordable rental. The plan will have alternatives for either three or four 44-story towers, plus 3,300 parking spaces in a six-story parking complex, with 2,000 of the parking spaces registered in the name of the Tel Aviv municipality.
The Shefa Tal compound, owned mostly by the municipality, is defined as a continuation of the main business center on Menachem Begin Rd., which includes intensive construction for business and housing, such as the Tse'irim Tower, the Recital Tower, the Midtown project, etc. The area currently contains public buildings, such as the Max Fine school, municipal office and logistics buildings, and an area containing handicrafts and garages.
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2014
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