Petah Tikva Demolition Marks Start of $50 Million Urban Renewal Project

A demolition ceremony has marked the commencement of a major urban renewal project in the Amishav neighborhood of Petah Tikva, involving an investment of approximately 187 million shekels (about $50 million). The project, located on Tsalach and Dadesh Shafik streets, will replace 40 old apartments with a new construction. Building permits for the "Tsalach Shalom" project were obtained in July, and the demolition signifies the start of construction. The initiative is a partnership between Av-Gad, which acquired about 62.5% of the rights in early 2026, and the Bino Real Estate Group, owned by Kobi and Eilon Peretz, holding the remaining 37.5%.

Attendees at the demolition ceremony included Michael Razon, Chairman of Av-Gad; Ram Razon, CEO of Av-Gad; Yaakov Peretz; and Acting Mayor of Petah Tikva and Chairman of the Local Planning and Building Committee, Eliyahu Ginat. Ginat emphasized the municipality's significant investment in the renewal of the Amishav neighborhood, pledging to expedite planning and execution processes to improve apartment protection and residents' quality of life.

The "Tsalach Shalom" project is part of Av-Gad's broader urban renewal efforts in Petah Tikva. The company is currently advancing nine projects in various stages of planning and execution, encompassing approximately 1,246 new housing units. Notable among these are the Wolfson-Savion complex in the city center, planned for 480 units, and the Rothschild-KKL project with 226 units. Av-Gad is also progressing with projects on Salant, Ben David, and Tzahal streets, and the Geula complex. Additionally, the company is completing a 36-unit project on Anilevich Street and preparing for demolition and construction at Ben Yehuda Street 45, which will yield 25 new apartments.