Aura Investments Ltd. (TASE:AURA), controlled by CEO Jacob Atrakchi, has won a tender conducted by the apartment owners in six residential buildings in Hod Hasharon for the right to promote an urban renewal project with the planning authorities and the apartment owners. It should be noted that the project is at an early stage, and the company will have to work with the property owners to achieve a decisive majority for the project, and to obtain approval from the Local Planning and Building Commission.
The site, which is located in central Hod Hasharon, contains buildings at 1,3,5, and 7 Reshut St., and a building at 35 Ramatayim Blvd. As of now, these buildings contain 56 old apartments. Under the plan to be promoted by the company, the urban renewal project slated for the site will involve construction of 200 new apartments in 6 and 24-storey buildings, plus 700 sq.m. in commercial space. The existing buildings are within walking distance of the Hod Hasharon municipality, and are close to the town's main street. Adv. Lior Amidor represented the tenants in the tender.
Aura said today that when the project materializes, proceeds from the sale of the apartments are projected to total NIS 225 million, with the company's profit reaching NIS 35 million. The company added that under the proposal made to the owners of rights in the site, they will receive new apartments at least 20 sq.m. larger than the existing ones, with a balcony and an underground parking space.
"We thank the tenants on the site for their trust in the company," Atrakchi said today. "At a time when there is almost no new land available for construction, urban renewal is the ultimate solution."
Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2016
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