Today, Aura Investments Ltd. (TASE:AURA) notified the stock exchange that it has been awarded a 'vacate and build' project tender for 500 homes in Ramat Gan Ramat Hashikma's neighborhood. The project area at 2nd-8th Shalem St. currently has 144 apartments in six long apartment buildings with several entrances built in the 1950s, as well as nine one story commercial buildings.
In the past, Ramat Hashikma had been regarded as an desirable neighborhood, but at present it is the 'vacate and build' area receiving the most incentives in Ramat Gan. According to the urban master plan, expected to be authorized in mid-September, the municipality will provide the highest rights ratio in the city in Ramat Hashikma.
In the announcement, Aura says that the District Planning and Building Committee had already authorized the project and published it for public objections. As such, the company expects the urban renewal plan to be authorized as early as 2016, enabling construction to commence.
In order to develop the complex, the plan suggests that building rights be increased to 45,900 square meters, mainly for residence, and 510 apartments, as well as 800 square meters for commerce and public areas.
The project will be designed in a such way that high-end 30-floor towers will rise from the general construction. The towers' residents will enjoy underground parking lots. In addition, Aura intends to build public parks for residents and people living nearby.
Aura CEO Jacob Atrakchi said, "This plan joins many other projects, which are already in advanced stages, and significantly increases our hold on the 'build and vacate' field, mainly in central Israel. This is a strategic location, an area with a high demand but a bad state of repair, which we intend to turn into a high-quality, pleasant neighborhood including residential towers with a high level of construction."
The development tender had been conducted by representatives of the rights owners, the project manager on behalf of the representatives Yoram Asidon, as well as advocates Eyal Mamo and Ishai Itsikovich from the Agmon & Co. Rosenberg Hacohen & Co. law firm. The representatives, headed by Asidon, promoted this plan at the District Planning and Building Committee together with architect Avner Yashar, and land appraiser Arie Kamil.
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2016
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