Tel Aviv Approves 50-Story Towers for YBOX After Romano House Deal
Translated & summarized from Calcalist by baba
The Tel Aviv District Planning and Building Commission approved YBOX company's plan to build three towers up to 50 stories high, an increase from 45, in exchange for transferring ownership of the historic Romano House to the municipality. The deal allows for 456 apartments and 80 reduced-rent units, with the increased height intended to compensate YBOX for project costs. The plan aims to preserve the Romano House's cultural character while facilitating urban development.
The story in 5 lines · by baba
- Tel Aviv approved YBOX's plan for three towers to reach 50 stories, up from 45.
- The approval follows YBOX's transfer of the historic Romano House to the Tel Aviv Municipality.
- The project will include 456 apartments and 80 units for reduced-rent long-term leases.
- The increased height compensates YBOX for project costs, including a future metro station levy.
- The plan aims to preserve Romano House's cultural character and promote urban renewal.
The Tel Aviv District Planning and Building Commission has approved YBOX (Why Box) company's request to increase the height of two towers it is developing on Givat Ramon Street, near the Romano House, to 50 stories, up from the previously planned 45. A third tower in the Hassan Arafa complex on Menachem Begin Road will also be raised to 50 stories. This decision follows an agreement where YBOX transferred ownership of the historic Romano House to the Tel Aviv Municipality. The approval also includes an additional 30 apartments, bringing the total to 456 units across the three towers, plus 80 apartments designated for reduced-rent long-term leases for 20 years.
The deal, which began with agreements in 2022, saw YBOX transfer the Romano House to the municipality in exchange for increased building rights. Initially, the plan was for seven additional floors, reaching 40 stories, which later evolved to 45 stories before the current approval for 50. The project encompasses three sites: the Romano House itself, two towers on Givat Ramon Street, and a third tower on Menachem Begin Road.
YBOX acquired 93% of the Givat Ramon site in 2017 for 161 million shekels and later brought Fattal Hotels as a 50% partner in the hotel and commercial spaces planned there. In March 2022, YBOX also won a tender for Romano House for approximately 370 million shekels. The third site on Menachem Begin Road was acquired through a combination deal.
The Romano House, built about 75 years ago, was a hub for fashion stores and more recently for culture and nightlife with the "HaTechelet" bar. The municipality sought to preserve its character, and the agreement with YBOX allowed for this while enabling public use of certain areas. The increased height is intended to compensate YBOX for project costs, including those related to a future metro station near the Menachem Begin Road tower, which incurs a higher betterment levy, and the complexity of the mixed-use Givat Ramon project.
Erez Ben Eliezer, District planner of Tel Aviv, stated that the plan secures the future of a unique cultural site by transferring areas to public hands while preserving its historical character. He added that it is a key part of the renewal vision for the railway area and the Hassan Arafa complex, integrating heritage preservation with intensive urban development.
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