New 740-home neighborhood approved for Tel Aviv

The Tel Aviv Local Planning and Building Committee has approved for deposit a plan to build a new neighborhood, at the entrance to Ramat Hahayal close to the Shikun Dan neighborhood in northeast Tel Aviv. Under the plan, 740 housing units, a school with 36 classrooms, six kindergartens and 1,350 square meters of commercial space will be built.

The neighborhood will be built on the site of the Dan bus depot. 97 of the apartments will be affordable homes and 15% of the homes will be for long-term rental. 25% of the apartments will be no bigger than 50 square meters, 30% will be an average of 75 square meters, 30% will be an average of 95 square meters and 15% will be 110% square meters in size.

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The Dan bus depot is a triangular site bordered by Mishmar Hayarden Street, Raoul Wallenberg Street, Pinhas Rosen Street, and Nahlaot Street. The buildings along Raoul Wallenberg Street and Pinhas Rosen Street will be 19-floors high and along Mishmar Hayarden Street 15-floors high. The rest of the buildings will be seven floors high.

Real estate appraiser Irit Vanunu believes that the apartments will be marketed for NIS 50,000 per square meter. “We are talking about a very central location in north Tel Aviv,” she said. Vanunu expects the project to attract financially sound people with money and the affordable apartments won’t harm the project. Regarding rents, she expects four rom apartments to be leased for NIS 10,000 a month.

Published by Globes, Israel business news – en.globes.co.il – on June 12, 2022.

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