2,130 apartments will be built in the NIS 3.6 billion project.
Israel's most ambitious vacate-and-build project was launched this week in Tel Aviv. 440 apartments will be demolished in the south Tel Aviv neighborhood of Neve Ofer, and will be replaced by 2,130 apartments in high-rises in a NIS 3.6 billion project led by the Tel Giborim NPO.
The project will have seven 30-storey buildings and nine 24-storey buildings, as well as public buildings. The new apartments will be 120 square meters. The price has not yet been set, nor has a contractor been picked. The value of the project is based on an average price of NIS 1.7 million per apartment.
The project developers will pay Tel Giborim 5% of revenue, amounting to NIS 180 million. Tel Giborim will use the proceeds to help the elderly and Holocaust survivors, battered women, women with cancer, children at risk, and to cover the project's administrative costs.
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2010
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