The District Planning and Building Commission today approved for deposit a plan to build 6,700 housing units in an entertainment area belonging mostly to Ramat Hasharon and located south of Highway 5. Israel Land Authority (ILA) and the Ramat Hasharon municipality jointly initiated the project. The plan includes a metropolitan park with space for leisure and vacation activities. The project is located on one of the most substantial plots in the Tel Aviv district.
The plan deposited for public objections includes 3,500 housing units in the eastern part of the lot and 3,200 housing units in the western part. The housing units will be in 9-21 storey buildings. 20% of the housing units will consist of small apartments, and 600 of the housing units will be reserved for assisted living facilities.
The plot contains a great deal of infrastructure, including telephone and high-tension wires, and construction of infrastructure tunnels is therefore planned in order to facilitate residential housing construction. ILA and Ayalon Holding Ltd. (TASE: AYAL) are promoting the plan for the highway and the lot. It will take an estimated one year for the plan to become operational.
"This substantial section of land contains a large store of varied housing units, including 20% small units," ILA Tel Aviv district planner Gili Tessler said. "The plans, which deal with many public aspects, require use of land for schools, gardens, public institutions, and a large-scale metropolitan park with leisure and entertainment uses. Located south of Highway 5, the park includes a tennis center; walking, sightseeing, and bicycle paths; and intensive and extensive development of the park's elements."
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2015
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