The companies will build 1,128 housing units in central Rishon LeZion. The proceeds from the project are estimated at $350 million.
Israel’s largest vacate-and-build project is getting underway. Dunietz Brothers Ltd. and Kfir Building Contractors Ltd. will build 1,128 housing units in a 17.5-dunam (4.975-acre) lot in central Rishon LeZion. Proceeds from the project are estimated at $350 million.
The project is going ahead after Dunietz Brothers and Kfir signed a contract on Friday to buy the lot in equal shares for $7 million. The lot is bordered by Givati St. on the west, Elazar St. on the east, Gush Etzion on the north, and Hanegev on the south. The Ministry of Housing and Construction has approved the project.
The project will include 16 20-storey high-rises, which will be built in ten stages. The companies plan to build the first two stages, which will have 588 housing units, over the next two years.
Published by Globes [online], Israel business news - www.globes.co.il - on January 1, 2006