Who says there's no more land for development in central Israel? There is some, though not perhaps in Ramat Gan and Givatayim. But there is land to be found in Holon and Herzliya, for example. Also, because of overwhelming demand, the planning authorities are under pressure to advance development plans that have been collecting dust on the shelf.
One such plan is to build up to 2,500 apartments in eastern Neveh Sharett, which is right by major traffic arteries and employment areas such as Ramat Hahayal and Kiryat Aryeh in Petah Tikva. Moreover, this is a spacious plan, based on 13 apartment units per dunam instead of the usual 20. Most of the land slated for development belongs to London-based Israeli businessman Sami Shamoon and his company Yachin Hakal.
Pi Glilot is another strikingly empty area. Standing between Tel Aviv and Herzliya, there is a snag - the ground is contaminated and on it sits a fuel depot that refuses to be evacuated. There are also knotty ownership issues. Fifteen years ago, a development plan began to take shape, aiming to build up to 12,000 apartments on 2,165 dunams of land plus, of course, a large amount of commercial space. Approvals have even been obtained, but the real problem, explains land appraiser Relly Treistman-Agami, is the condition of the land.
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The biggest plan waiting for execution is for the construction of 8,000 apartments, plus enormous amounts of commercial space, on 4,000 dunams of land on the Holon dunes. This grandiose project, which would house some 30,000 people, was spurred by the success of the Chet-300 area to the north of this plot, where most of the housing has been sold.
Also, at least as of this writing, there have not been many objections to the idea. Much smaller projects have been suspended for years because of the piles of objections that the courts have to wade through, from green organizations and neighbors, but not in this case. Much of the land is held by private individuals.
Minrav building in Petah Tikva
Minrav did find land for development. The property development company, controlled by Avraham Kuznitzky, will be building 135 new apartments in Kfar Ganim Gimel, a Petah Tikva neighborhood, after signing two "cash and combination agreements" with private landowners. Which means, instead of Minrav paying the full price for the land, the original owners and Minrav will share the proceeds of selling housing erected on the spot.
For one plot of 2,000 square meters, Minrav will be paying about NIS 5 million, and the original owners will get 25% of the money received from selling apartments built there.
The other area is larger, 8,000 square meters. Minrav is paying NIS 13 million cash and the sellers will get 29% of the proceeds of selling the apartments to be built there.
Kfar Ganim Gimel is considered one of Petah Tikva's better neighborhoods, at least for ones based on saturated construction. Four-room apartments sell for an average of NIS 1.2 million.
Minrav estimates that it will be investing about NIS 120 million in the projects, which it expects to start by year-end and to complete within four years.
A month ago Minrav paid the Israel Lands Administration NIS 50 million for land in Talpiot, eastern Jerusalem, where it intends to build 90 apartments. It is also planning a 155-apartment project in Kfar Sava, and 90 apartments in north-east Rishon Letzion.
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