Parkovksky Group Secures Majority for 230-Unit Redevelopment Project in Hadera
Translated & summarized from Israel Hayom by baba
Parkovksky Group announced it secured the required majority for a 230-unit urban renewal project in Hadera. Approximately 67% of rights holders at President Street 32-34 have signed agreements for the project, which will replace existing buildings with two towers. The company expects construction to begin in about five years, pending regulatory approvals. This is the third such project for Parkovksky Group in Hadera.
The story in 6 lines · by baba
- Parkovksky Group secured the necessary majority for a 230-unit urban renewal project in Hadera.
- Approximately 67% of rights holders in the President Street complex have signed binding agreements.
- The project plans to replace current buildings with two towers containing about 230 apartments and 800 sqm of commercial space.
- Construction is estimated to start in approximately five years, subject to approvals.
- This is the third urban renewal project Parkovksky Group has advanced in Hadera.
- Adi Burkin, CEO of Parkovksky Group, highlighted Hadera's significant long-term potential for urban renewal.
Parkovksky Group has announced it has reached the legal majority required to advance an urban renewal project on President Street in Hadera. Approximately 67% of the rights holders in the complex, located at President Street 32-34, have signed binding agreements. The current complex spans about 2.6 dunams and comprises two buildings with 54 apartments and 10 commercial units. Of these, 52 apartments are privately owned and two are owned by Amidar, according to the company.
The initial plan is to replace the existing structures with two residential towers containing approximately 230 apartments and about 800 square meters of commercial space. Parkovksky Group intends to market around 176 of these apartments and 400 square meters of commercial space. The company estimates construction will commence in approximately five years, pending the completion of rights holder agreements, approval of zoning changes, and official designation of the area as a "pinui-binui" (evacuate and build) project under specific tax regulations.
This marks the third urban renewal complex in Hadera where the company has reported achieving the necessary majority, following projects on Golani-Kasspi and Tarna-Jerusalem streets. Adi Burkin, CEO of Parkovksky Group, stated, "We view urban renewal as a central growth engine for the coming years, and we are working to build a diverse project pipeline that will support the company's continued development. Hadera is one of the cities where we identify significant long-term potential, and we intend to continue deepening our activities there."
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