First Building Permit Issued for Major Urban Renewal Project in South Tel Aviv's Neve Ofer
After years of anticipation, the first full building permit for a demolition and reconstruction project in Neve Ofer, a key neighborhood for urban renewal in south Tel Aviv, was granted last week. Although major companies like Acro and Tadmor operate in the area, Bagnov Projects, in partnership with Kan Binyan, led the way with the OFER TLV project at 48-58 Zalman Shazar Street. The project, advancing under the TAMA 38/2 framework, involves demolishing six old buildings containing 48 apartments and constructing three new nine-story buildings with 120 housing units.
The developers expect eviction notices to be sent to existing residents within two to three months. This is one of three projects Bagnov Projects and Kan Binyan are promoting in Neve Ofer, and the first to receive a building permit. Attorney Avi Bagnov, representing the developers, emphasized the permit's significance beyond the site itself, marking a pivotal moment that confirms urban renewal in Neve Ofer is becoming a tangible reality. He noted the project will serve as a milestone, encouraging further renewal initiatives, improving urban fabric, quality of life, and addressing the needs of the growing population in south Tel Aviv.
Bagnov explained the project's evolution from an initial apartment expansion plan to TAMA 1 (reinforcement and densification), and finally to the demolition and reconstruction model under TAMA 38/2. This shift was driven by rising demand and sales prices, alongside the belief that true neighborhood development requires a modern, high-quality residential environment.
Coinciding with the permit issuance, the developers launched a pre-sale campaign offering apartments starting at 31,880 shekels per square meter. Buyers can pay 15% upon signing and the remaining 85% upon occupancy. The project is led by Kaiser Architects, with legal representation by attorneys Avi and Abraham Bagnov and Amir Steinhartz, and tenant coordination by Boris Khanimov and Segev Ben Moshe from Maayan Real Estate.
