Urban Renewal Project in Rishon LeZion Advances with Demolitions and New Construction
Translated & summarized from Maariv by baba
An urban renewal project in Rishon LeZion has secured enough signatures to demolish 80 apartments and build 232 new ones on Zalman Schneur Street. The company Av-Gad expects 360 million shekels in revenue and 71 million shekels in gross profit. Av-Gad is also developing three other projects in the city, totaling 741 new housing units, and recently completed another project.
The story in 5 lines · by baba
- An urban renewal project in Rishon LeZion will demolish 80 apartments to build 232 new ones.
- The project on Zalman Schneur Street secured over 67.5% of required property owner signatures.
- Av-Gad expects 360 million shekels in revenue and 71 million shekels in gross profit from the development.
- About 136 of the 232 new apartments will be marketed on the open market.
- Av-Gad is managing three other projects in Rishon LeZion, planning 741 additional housing units.
A significant urban renewal project in Rishon LeZion has reached a crucial milestone, securing the necessary signatures from property owners to proceed with its development. The initiative, located on Zalman Schneur Street, involves the demolition of existing older buildings to make way for a new residential complex. The project is set to demolish 80 apartments and construct 232 new ones.
Av-Gad, the company behind the development, announced on October 11, 2026, that it had obtained agreements from approximately 67.5% of the leaseholders and eligible registrants for buildings at addresses 36, 38, 40, 42, and 44 Zalman Schneur Street. This level of agreement surpasses the legal threshold required to move forward with the project.
The company anticipates total revenues of around 360 million shekels, excluding VAT, from the project. The projected gross profit is estimated at approximately 71 million shekels. Of the 232 planned units, about 136 will be marketed on the open market by Av-Gad.
Av-Gad is actively involved in three other urban renewal projects within Rishon LeZion, which collectively plan for an additional 741 new housing units. These include the HaDror and Margolin project, the Tel Hai, Spinosa, and Tarmab project, and the Zalman Schneur project. In June 2026, Av-Gad received its occupancy permit (Form 4) and completed a Tama 38/1 project on Shmuel Shre'ira Street, which added 37 new units to an existing 87-unit building.
