Metsalvi Group to Lead Urban Renewal Project in Ramat Hasharon

Metsalvi Building Company has been selected by property owners to spearhead a new urban renewal project at 27-29 Osishkin Street in the desirable city of Ramat Hasharon. The company will replace 24 existing residential units and 8 commercial units with approximately 68 new residential units and 10 commercial units on a 1,500 square meter plot. The project is expected to encompass around 7,990 square meters for residences and 3,825 square meters for parking garages.

Metsalvi's share in the project is anticipated to be 44 housing units and 2 commercial units. The development will proceed under the "Shaked Alternative" framework, requiring Metsalvi to secure 67% of the property owners' consent before submitting the plan to the local authority. This marks another significant urban renewal endeavor for Metsalvi in Ramat Hasharon, a city they view as having substantial potential for quality redevelopment.

Metsalvi estimates the project's revenue at approximately NIS 196 million and costs at NIS 165 million. These projections are based on an estimated sale price of NIS 37,000 per square meter, excluding VAT, along with construction and financing cost estimates. The company is also currently constructing another project on Osishkin Street (numbers 9-11) and is advancing three additional projects in the city, underscoring their commitment to Ramat Hasharon's development.