Andev Development Group Ltd., owned by Dan Anbar, will carry out the largest National Outline Plan 38 - Earthquake Reinforcement and Retrofitting project in Israel. The company will retrofit and upgrade 24 buildings with 466 apartments in the Hanevi’im lot in southwest Bat Yam, and it will add 343 new apartments on 2.5 floors in each building. The additional housing units will be three and four-room apartments and penthouses, with an emphasis on affordable housing.
The company estimates the construction costs at NIS 235 million, which it will finance from equity and bank loans.
Anbar is the son of an Israeli who emigrated to Montreal and made his fortune in real estate in Chicago. He has bought a penthouse in Tel Aviv suburb Bat Yam, and he will run his Israeli and Chicago businesses from an office in Bat Yam.
Anbar said, “I am a great believer in the huge potential of National Outline Plan 38, which is a win-win plan for both homeowners and for us as developers. The proximity of Bat Yam to Tel Aviv will, in the coming decade, attract to Bat Yam thousands of young people who work in Tel Aviv but who cannot afford an apartment there. Within three years, we will build hundreds of affordable apartments in Bat Yam."
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2011
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