NSA Nissim Asayag Urban Renewal, owned by CEO Nissim Asayag, today announced progress in its urban renewal project on the Gvulot site on Abarbanel Street, corner of Wolfson Street, in the Florentin neighborhood in Tel Aviv. The company will vacate 72 businesses, enterprises, commercial space, and apartments, and replace them with 241 new apartments in four 10-storey towers and 1,200 sq.m. of commercial space.
"This deal is special. For the first time, an urban renewal deal in Tel Aviv is evacuating businesses and enterprises, instead of the usual old apartments," Asayag said. He added, "Every holder of rights in the property will receive compensation according to his share. An owner of a 55-sq.m. housing unit will get 75 sq.m., a 30% addition, regardless of whether the space is for commerce, business, or residence. There is an approved urban building plan for the site and we're about to receive a permit for the first stage. The uniqueness of the site is a challenge to us. 75% of the owners of rights have signed letters of undertaking with us. We are now having the tenants sign contracts for the first stage of the project, in which 36 owners of rights will be vacated."
Under the plan, there will be four types of new apartments: 65-sq.m. apartments with 12-sq.m. balconies, 75-sq.m. apartments with 12-sq.m. balconies, 85-sq.m. apartments with 12-sq.m. balconies, and 95-sq.m. penthouses with 40-sq.m. balconies. The company will sell the apartments at NIS 35,000 per sq.m., meaning that the smallest apartments will be sold for NIS 2.275 million. The new commercial space will be offered for NIS 36,000 per sq.m.
The Ministry of Construction and Housing designated the site for urban renewal at the beginning of the year, and the vacated tenants will receive tax benefits. Appraiser and Adv. Nehama Bogin drew up the compensation table for the tenants, and the architect for project is Ilan Pivko, who designed the nearby and slightly similar Florentine Quarter project. Representing the tenants is Adv. Galit Rosovsky. The Naschitz Brandes Amir law firm and Adv. Shmuel Lechner are representing the company.
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016