America Israel Invests NIS 21 Million in Urban Renewal Project in Ramat Gan

Israel-based real estate company America Israel is partnering with Av-Gad in a major urban renewal project in Ramat Gan, investing 21 million shekels for a 49% stake. The project, located in the Krinitzi and Nahalat Yosef neighborhoods, involves demolishing five of seven existing buildings containing 63 apartments, while preserving two buildings with 21 apartments. In their place, a high-rise residential tower and a lower adjacent building will be constructed, featuring 300 new apartments, of which 216 will be marketed to the public. The plan also includes 525 square meters of commercial space and an 800 square meter expansion for the nearby Ora Modiin school.

Av-Gad, founded in 2009 by former Knesset member Michael Rezon and valued at 250 million shekels, will retain 51% ownership of the project. America Israel will also reimburse Av-Gad for half of the approved expenses invested so far. The project’s expected revenues are 655 million shekels against costs of 491 million shekels. Alon Stauber, co-CEO of America Israel, highlighted the project’s prime location and its alignment with the company’s urban renewal activities, emphasizing the partnership’s potential to expand their presence in central Israel’s high-demand areas and create value for all stakeholders.