Tel Aviv Approves Demolition of Atarim Square for New Towers

The District Appeals Committee for Planning and Building in Tel Aviv has given preliminary approval to a renewal project that will see the demolition of the neglected Atarim Square, built in the 1970s. The plan, approved under the leadership of Chairwoman Michal Degani Halbershtam, will replace the square with two new towers, one for residential use and the other for hotels, containing a total of 220 apartments and approximately 300 hotel rooms. The project also includes a textured building, commercial spaces, and an underground public parking lot. The sunken road on Eliezer Peri Street will be removed, returning the street to ground level to create an open pedestrian pathway from Ben Gurion Boulevard to the sea.

However, the approval is conditional. The committee mandated a reduction of 4,000 square meters from the developers' requested building rights and a decrease in the ground floor areas of the towers. These measures aim to increase open spaces at street level and ensure the buildings do not obstruct sea views. Additionally, the committee required increased distances between the new structures and adjacent hotels, such as the Carlton and Herods, to minimize impact. A plan to prevent environmental nuisances during construction must also be prepared.

A significant stipulation is that the residential tower cannot be populated until the hotel tower is completed and receives its occupancy permit. This condition is intended to ensure the development of the tourism aspect along the coastline and prevent a situation where only the more profitable residential uses are realized. The decision will necessitate an update to the balance sheets for the rights holders.