Major Metropolis Ashdod Project Launched with $250 Million Investment
A consortium of real estate developers has announced the launch of the "Metropolis Quarter" project in Ashdod, a significant urban development initiative with an estimated investment of approximately 950 million shekels (around $250 million USD). The project, spanning about 15 dunams (3.7 acres), will integrate commercial, residential, employment, and hospitality sectors.
The development's land cost is estimated at 150 million shekels, with an additional 800 million shekels allocated for construction and infrastructure. The master plan, designed by Yaski Mor Sivan Architects, envisions employment spaces at the complex's core, surrounded by retail areas, hotels, and residential towers, aiming to create a dynamic urban environment.
The developers highlighted that their group holds the largest plot within the "Metropolis Ashdod" complex, which they consider strategic. This project is part of a larger "Metropolis Ashdod" plan, reportedly covering over a million square meters with an estimated total investment of 10 billion shekels (around $2.7 billion USD). This broader plan aims to attract high-tech and major corporations, projecting the creation of 50,000 to 60,000 new jobs, particularly in technology, research, and engineering.
Existing anchors in the area include Assuta Public Hospital, Sami Shamoon College of Engineering, the Ad Halom-Metropolis train station, a BIG shopping center, and several tech companies. The development group, comprising Bonim Real Estate Group, Land Realization Company, Shaked Real Estate, Capital Group, and Ashtrag Hotels, expressed confidence in Ashdod's potential, stating their significant landholding is a result of long-term vision and strategic planning.
They further stated that the "Metropolis Quarter" will harmoniously blend employment, commerce, residential, and high-end hospitality, positioning it as Ashdod's primary growth engine. The involved companies, including Shaked Real Estate, Capital Group, Land Realization Company, Bonim Real Estate Group, and Ashtrag Hotels, have diverse backgrounds in real estate development, land management, and hospitality.
