Kardan to Build 250 Homes in Ramat Aviv Gimel

Kardan Real Estate has been selected by the apartment owners on Beit Tzuri and Aba Ahimeir streets to advance a pinui binui (evacuate and rebuild) project in Ramat Aviv Gimel. Under the scheme, 128 older apartments will be demolished and replaced by about 250 new homes alongside commercial and public space, on a site of roughly 7.5 dunam (7,500 sqm) next to the Schuster Center.

What the plan includes

As planned, the compound will combine a residential tower of more than 20 floors with three lower buildings along Beit Tzuri Street. That split is intended to preserve the character of a neighborhood built mostly to medium and low heights. The project was designed by Rani Zis and Anu Architects.

The next stage is completing negotiations with the residents, signing pinui binui agreements and filing a detailed town plan for the compound. That means a process measured in years, not a short timetable.

What it means for apartment owners in the area

Choosing a developer through a residents’ tender is a milestone, but it is only the start of the road. Between the selection and a building permit come planning stages, objections and approvals, and usually individual negotiation over compensation as well.

For owners in the surrounding buildings there is important information here: a compound that enters a pinui binui process changes the value of the properties around it, in both directions. In the short term there is uncertainty and construction work, and in the long term a renewed neighborhood with new infrastructure and public space.

What it means if you are looking for an apartment in Ramat Aviv Gimel

Adding about 250 homes in a sought after area such as the surroundings of the Schuster Center will shift the mix between older and newer apartments over time. For now, with the price decline recorded in the neighborhood over the past year, anyone buying an older apartment in the area should treat its planning potential as part of the pricing.

We follow the renewal plans in Ramat Aviv Gimel and the neighboring areas, and can say of a specific building whether it sits inside a relevant compound and what its status is.

Courtesy of Merkaz HaNadlan · read the original article