Urban Renewal Project in Ramat Hasharon to Triple Apartment Count

Metsalav has been selected to advance an urban renewal project on Osishkin Street in Ramat Hasharon, Israel. The project will see the demolition of 24 existing apartments and 8 commercial units, to be replaced by approximately 68 new apartments and 10 commercial units. This represents a significant increase in housing density for the area.

The planned construction encompasses roughly 7,990 square meters for residential use and 3,825 square meters for underground parking. Metsalav's share in the project is expected to include 44 housing units and 2 commercial units.

Initial financial projections estimate total revenues of approximately 196 million shekels (around $53 million USD) from the project. The company anticipates costs to reach around 165 million shekels (around $44.5 million USD), based on an economic report. These estimates assume a sales price of approximately 37,000 shekels per square meter, excluding VAT, and factor in construction, financing, and expected interest rates.

To proceed, Metsalav must secure the required 67% majority of property rights holders. Following this, the company plans to submit the project to the local authority under the "Shaked Alternative" framework. The company acknowledges that further steps are necessary, including obtaining urban building plans, permits, and securing financing. Metsalav also noted that the realization of the project is not guaranteed and could be affected by factors such as the inability to obtain building permits or changes in the market and economic conditions.

The property rights holders officially notified Metsalav of their selection to execute the project on September 7, 2026.