Rocket Strike Accelerates Urban Renewal Project in Tel Aviv Neighborhood
Translated & summarized from Ice by baba
A rocket strike in Tel Aviv's "L" neighborhood near Sde Dov has accelerated an urban renewal project. The incident damaged an existing building, prompting faster progress on its replacement with a larger, modern structure. Residents displaced by the attack will receive upgraded apartments. The project, managed by Engel Invest, is expected to be completed in three years, with prices around NIS 50,000 per square meter.
The story in 6 lines · by baba
- A rocket strike in Tel Aviv's "L" neighborhood accelerated an urban renewal project.
- The After 2 project by Engel Invest will replace an old building with a new 33-unit structure.
- Displaced residents will receive larger apartments, balconies, parking, and storage.
- The project is expected to be completed within three years.
- Apartment prices are estimated at NIS 50,000 per square meter.
- Ofer Engel highlighted the project's progress amidst real estate industry challenges.
A rocket attack during the recent conflict, specifically during Operation "With All Your Might," impacted a residential building in Tel Aviv's quiet "L" neighborhood, near the Sde Dov complex. The strike, which damaged the building, prompted the state to address the resulting damage. The incident accelerated the urban renewal project at the site, identified as After 2 by Engel Invest, which was undergoing demolition and reconstruction under TAMA 38/2 regulations.
The existing five-story building, containing 18 apartments, will be replaced by a new nine-story building with 33 units. The original residents, who were moved to temporary housing by the company, are expected to receive larger new apartments, approximately 15 square meters bigger than their previous ones, along with balconies, parking, and storage.
Neighborhood L, established in the early 1970s, is a sought-after area in northwest Tel Aviv, known for its quality of life and appeal to young families. The project's location on After Street places it in a developing area adjacent to the new Sde Dov neighborhood.
Engel Invest's Vice President of Business Development, Ofer Engel, noted that the project's advancement is significant given current real estate challenges, particularly in obtaining permits in prime Tel Aviv areas. He stated that the project's progress is particularly noteworthy given the difficulties many developers face in securing permits for new projects, especially in Tel Aviv's upscale areas.
The new apartments, ranging from 5 to 6 rooms and covering approximately 134-160 square meters, are projected to be completed within three years. Prices in the area and for this project are estimated to be around NIS 50,000 per square meter, which is lower than the average NIS 70,000-73,000 per square meter in the Sde Dov area, though the latter is closer to the sea.