Major Redevelopment Project Launched in Rishon Lezion
Translated & summarized from Maariv by baba
The Av-Gad company has initiated a NIS 360 million "Pinui-Binui" redevelopment project in Rishon Lezion's Ramat Eliyahu neighborhood. The project will replace 80 old apartments with 232 new ones, including 136 for open market sale. Construction is expected to begin in 2030 and finish by 2034, with projected revenues of NIS 360 million. This initiative is part of Av-Gad's larger portfolio of ongoing and planned residential developments.
The story in 5 lines · by baba
- A NIS 360 million redevelopment project in Rishon Lezion will replace 80 apartments with 232 new units.
- Av-Gad company secured agreements with 67.5% of leaseholders for the project in Ramat Eliyahu.
- Construction is slated to begin in 2030 and is expected to be completed by 2034.
- The project anticipates NIS 360 million in revenue and NIS 71 million in gross profit.
- 136 of the new apartments will be available for sale on the open market.
A significant urban renewal project, involving the demolition of 80 existing apartments and the construction of 232 new ones, has been greenlit in Rishon Lezion. The "Pinui-Binui" (evacuate-build) project, spearheaded by the Av-Gad company, is set to commence construction in 2030 and conclude by 2034. The project is located in the Ramat Eliyahu neighborhood in the western part of the city, offering convenient access to commercial centers, employment hubs, and leisure facilities, including the Gold Mall. The total expected revenue from the development is estimated at NIS 360 million, with a projected gross profit of NIS 71 million. Of the 232 new apartments, 136 will be marketed on the open market, with the remainder including additional parking spaces and storage units. Av-Gad has secured agreements with 67.5% of the leaseholders and those eligible to be registered as lessees in the buildings. The company has a track record of completing 761 apartments across 24 projects nationwide and currently has a backlog of 38,956 apartments in various stages of planning and execution, with 1,824 slated for construction in the coming year.
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