Ness Ziona Approves Full Building Permit for 387-Unit Evacuation-Redevelopment Project
Translated & summarized from Bizportal by baba
Ness Ziona's local planning committee has approved a full building permit for Hachsharat Yishuv Urban Renewal's evacuation-redevelopment project, set to construct 387 housing units. The project, located in the Ramat Ben-Zvi neighborhood, will replace 120 existing apartments and is expected to generate approximately NIS 168 million in gross profit. Construction is slated to begin in 2027, with residents receiving new, larger apartments. The approval marks a significant step for the city's urban renewal efforts.
The story in 5 lines · by baba
- Ness Ziona approved a full building permit for a 387-unit evacuation-redevelopment project by Hachsharat Yishuv.
- The project will replace 120 existing apartments with new housing, commercial spaces, and public facilities.
- Hachsharat Yishuv estimates a gross profit of approximately NIS 168 million from the development.
- Construction is anticipated to start in 2027, with residents receiving modern apartments.
- All existing rights holders have agreed to the evacuation-redevelopment terms.
The local planning and building committee in Ness Ziona has granted Hachsharat Yishuv Urban Renewal a full demolition and construction permit for an evacuation-redevelopment project on HaTayasim Street. The decision, made on October 26, will see 387 housing units constructed alongside commercial spaces and public buildings. Hachsharat Yishuv Urban Renewal, which owns 100% of the project, will allocate 120 of the new apartments to existing rights holders within the complex. The company plans to market the remaining 267 apartments and commercial areas on the open market. Notably, all existing rights holders have signed the evacuation-redevelopment agreements, a full consensus that often delays such projects. The company estimates a gross profit of approximately NIS 168 million, representing a 20% gross profit margin, based on project planning and market sales projections. Hachsharat Yishuv Urban Renewal anticipates construction will commence in 2027. The project is located in the Ramat Ben-Zvi neighborhood and is considered Ness Ziona's first evacuation-redevelopment project. The plan will result in nine new buildings, replacing 120 existing apartments, and will triple the number of housing units in the complex, with approximately 3.2 new units for each existing one. This project addresses Ness Ziona's limited availability of vacant land, enabling new housing within established neighborhoods with existing infrastructure and public services. Residents of the older buildings will receive larger, modern apartments equipped with elevators, underground parking, and safe rooms. During construction, the developer will pay tenants alternative rent until the new apartments are delivered. The company's stock has seen a significant decline this year, down approximately 49% year-to-date and 31% over the past 12 months, attributed to a slowdown in the housing market and increased financing costs for development companies. The full permit allows the project to advance to the execution phase, which includes securing bank financing, relocating residents, demolishing old buildings, and initiating sales of the new apartments.
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