Ramat Gan Seeks Operator for Parking Garage in Israel's Tallest Building Project
Translated & summarized from Calcalist by baba
Ramat Gan's Economic Development Company has issued a tender for the operation of a 300-space public parking garage in the Vertical City project, one of Israel's tallest developments. Construction of the municipality-owned underground garage is underway and expected to finish in September 2029. The winning bidder will operate the facility for almost 25 years. The Vertical City project will include three skyscrapers and add significant residential and commercial space to the Diamond Exchange complex.
The story in 5 lines · by baba
- Ramat Gan has tendered the operation of a public parking garage in the Vertical City project.
- The garage will be part of one of Israel's tallest skyscraper developments.
- Construction of the 300-space underground garage is expected to conclude in September 2029.
- The winning operator will secure a nearly 25-year lease for the facility.
- The Vertical City project will add approximately 1,300 housing units to the area.
The Ramat Gan Economic Development Company has issued a tender for the operation of a public parking facility within Vertical City, one of Israel's tallest and largest projects, located in the Diamond Exchange complex. The complex will feature three skyscrapers: a 95-story mixed-use tower, a 72-story residential tower, and a 64-story office tower. While no current skyscraper in Israel is taller, a 100-story tower is planned on the border of Tel Aviv, Ramat Gan, and Givatayim. The municipality-owned underground parking garage, which will be the largest in the project with 300 spaces, is currently under construction, with excavation and shoring underway and completion expected in September 2029. The winning bidder will operate the garage for nearly 25 years, with the tender competition based on the annual payment offered, in addition to a NIS 44.5 million payment. Vertical City is being developed by a consortium including Israel Canada, BSR, and Clal Insurance and Finance. The 4,900 square meter garage will offer 300 public parking spots, with up to 90 designated for subscribers and the remainder for casual parking. Ramat Gan Mayor Carmel Shama-Hacohen stated that the public garage is essential infrastructure for the project and the wider area, serving visitors, workers, and the public. Separately, Best Building, a subsidiary of the BST Group, was recently awarded the contract for Phase A of Vertical City, valued at NIS 1.12 billion excluding VAT. Vertical City aims to transform the Diamond Exchange area into a mixed-use urban district, adding approximately 1,300 housing units, including 950 apartments and 350 student dorm rooms, alongside the planned towers, commercial spaces, and a new campus for Shenkar College.