Tel Aviv's Dizengoff Square Towers Reach Completion After 80 Years
Translated & summarized from Ynet by baba
After an 80-year wait, three new residential towers have been completed in Tel Aviv's Dizengoff Square, with landowners receiving their apartments. The project, which faced numerous planning hurdles and resident concerns about traffic and environmental impact, was developed by the landowners themselves.
The story in 5 lines · by baba
- Dizengoff Square's 80-year development project is complete with three new towers.
- Landowners who acquired plots in the 1940s will now receive apartments.
- The project faced resident concerns over traffic, environment, and exclusivity.
- Landowners acted as developers, self-financing initial stages.
- Apartment prices range from 8.5 million to 40 million shekels.
In Tel Aviv, three new twisting towers, two at 40 stories and one at 37, have been constructed in the heart of Dizengoff Square, marking the culmination of an 80-year wait for approximately 250 landowners. These landowners, who acquired the plots in the early 1940s, are now set to receive their apartments, with occupancy expected to begin in March-April 2027. The project, featuring 453 apartments, is valued between approximately 8.5 million shekels and 40 million shekels.
The development replaces a vast open space that was once a symbol of Tel Aviv. However, the towering structures have raised concerns among local residents regarding environmental changes, increased traffic congestion due to the cancellation of a planned underground tunnel, and the potential strain on existing educational and public institutions. Some residents and shop owners also feared a negative impact on property values and the creation of an exclusive enclave for the wealthy.
This project is unique as the landowners themselves acted as the developers, pooling approximately 40 million shekels of their own capital for initial planning and work before securing external financing. The development faced numerous planning changes over the decades, including a shift from a commercial center to residential units and the cancellation of the underground tunnel. The final design by Yaski Mor Sivan Architects features spiraling towers, creating a distinctive skyline.
The financing for the project, totaling around 2.05 billion shekels from Bareket, Clal, and Migdal, was complex due to the hundreds of individual rights holders. Electra and Ashtrom were contracted for construction, valued at approximately 1.4 billion shekels. Despite the challenges, construction is finishing ahead of schedule.
Apartment prices are estimated to range from 70,000 to 80,000 shekels per square meter for standard units, potentially exceeding 100,000 shekels per square meter for penthouses. While the project adds significant luxury supply to Tel Aviv, it is not expected to drastically alter overall city prices. Some landowners, like Dani Goldschmidt, chairman of the representative committee, will be moving into the new apartments, viewing the project as a unique symbol for the city.
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