Azorim to build 350 new Netanya homes

Azorim projects, photo: Tamar Matsafi
Azorim projects, photo: Tamar Matsafi

Azorim and Netanya Urban Renewal will replace 72 old apartments with 350 homes in four high-rise buildings.

Azorim Investment, Development and Construction Ltd. (TASE: AZRM), controlled by Hershey Friedman, and Netanya Urban Renewal, a private company controlled by Menashe Zuaretz, David Banino and Adv. Avi Avraham announced today that they will begin procedures for a 'vacate and build' project in which six old long apartment buildings with several entrances will replaced by four 23-floor towers.

The complex is situated at the junction of Weizmann and Be'eri streets, which connects Herzl St. with Sokolov St. There are currently six buildings there, 72 apartments, which were built dozens of years ago and are in a bad state of repair. As part of the project, Azorim and Netanya Urban Renewal will construct four buildings with 350 apartments, with 3, 4 and 5 rooms, as well as penthouses, commercial spaces and extensive public areas. Most of the residents have signed a 'vacate and build' agreement with the two companies and the compound is currently undergoing Netanya municipality planning and regulation processes. In parallel, the companies will promote the approval of the urban renewal plan by the district committee.

According to the companies, apartment prices will start from NIS 1.8 million for a four-room apartment, and construction is expected to begin in two years. The companies announced that this is part of extensive cooperation for the promotion of such projects in Netanya. They have recently announced the launch of a similar project in the western part of Netanya's Sokolov St., and intend to continue scouting and promoting projects in further complexes in the city, both for 'vacate and build' and for Tama 38 earthquake retrofit plans.

Netanya Urban Renewal CEO Menashe Zuaretz said, "The project expands the comprehensive and extensive cooperation between the companies, which is aimed at the renewal of Netanya's city center." The project is supported by the Menahem, Avraham and Co. law firm, which specializes in urban renewal projects.

Published by Globes [online], Israel business news - www.globes-online.com - on October 9, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Azorim projects, photo: Tamar Matsafi
Azorim projects, photo: Tamar Matsafi
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