Preshkovsky Group Advances 230-Unit Housing Project in Hadera
Translated & summarized from Bizportal by baba
Arie Preshkovsky Group has secured the required majority of property owner signatures for a new urban renewal project in Hadera, Israel, planning to build approximately 230 apartments and commercial space. Construction is estimated to begin in about five years, pending planning approvals and other conditions. This marks the group's third urban renewal project in Hadera where a majority has been reached, with the company viewing urban renewal as a significant growth driver.
The story in 5 lines · by baba
- Preshkovsky Group secured 67% of signatures for a 230-unit urban renewal project in Hadera.
- Construction is estimated to begin in approximately five years, pending approvals.
- The project includes two residential towers and commercial space on 2.6 dunams.
- This is the group's third urban renewal project in Hadera to reach majority owner support.
- CEO Adi Burkin stated urban renewal is a key growth engine for the company.
Arie Preshkovsky Group is moving forward with another urban renewal project in the city of Hadera, announcing it has secured signatures from approximately 67% of property owners in a complex located at 32 and 34 HaNasi Street. The company stated this percentage meets the legal majority required for such projects. The initial plan for the 2.6-dunam site involves constructing two residential towers with around 230 apartments and an estimated 800 square meters of commercial space. Currently, the site contains two buildings with 54 apartments and 10 commercial units; 52 apartments are privately owned, and two are owned by Amidar.
Of the new development, about 176 apartments and 400 square meters of commercial space are slated for marketing by Preshkovsky Group. While securing the majority of signatures is a significant milestone, the company estimates construction will not begin for approximately five years. This timeline is contingent upon further planning approvals, securing remaining owner signatures, rezoning, and official designation of the area as a "Pinui Binui" (evacuate and build) project under specific tax regulations.
The project expands the group's future development pipeline but does not yet allow for financial projections regarding revenue, construction costs, or expected profits, as the apartment count is based on preliminary designs. The group's CEO, Adi Burkin, emphasized that urban renewal is a key growth engine for the company, which plans to increase its activity in Hadera. Preshkovsky Group, founded in 1982 and owned by Arie and Dalia Preshkovsky, is involved in residential, office, commercial, and logistics sectors, with a portfolio of thousands of housing units and income-generating properties in Israel and England.
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