Haifa strike-damaged building set for demolition and redevelopment

A year after a missile hit a building on HaGalil Street in Haifa’s Neve Shaanan neighborhood, the site is moving toward an urban renewal project. RENEW said it has secured the required majority of apartment owners to demolish two buildings in the complex and replace them with one new eight-story building.

The current compound contains 15 old apartments. Under the plan, they will be replaced by a building with 29 apartments. The project was submitted for advancement in May, following last year’s incident, when one of the buildings took a direct hit and was evacuated. Since then, the residents have been living in temporary housing solutions.

According to the company, the necessary majority was reached within a week of the first resident signing. RENEW CEO Avi Peretz said the project is being advanced in cooperation with the authorities to return residents to a safer environment. He added, “The old buildings that were damaged illustrated the gap between old construction and the protection standard required today.”

In parallel, RENEW announced an agreement with Migdal Insurance and Finance. As part of the deal, the company will receive a financing and support framework for urban renewal projects worth about 1.5 billion shekels over the coming year, plus an additional credit line of 125 million shekels.