Herzliya: 20 Floor Tower Approved on Sokolov

In August a plan was approved for a 20 floor tower holding 140 apartments in central Herzliya, on Sokolov Street, close to the future metro station. The plan also includes about 2,000 sqm of commercial and employment space, alongside the preservation of Tankus House, one of the first houses built in the town.

What exactly was approved

This is a plan that has received final approval, not an intention or a declaration. That is a meaningful stage: from here the road to a building permit and to construction is far shorter than it is from a compound that is only beginning to organize.

Combining housing, retail and employment in one compound, together with the preservation of a historic building, is characteristic of the way the centers of the Sharon cities renew themselves: densifying upwards in the older core instead of spreading to the edges.

Why the metro changes the picture

Proximity to a future metro station is one of the strongest variables in residential pricing over the coming years. It affects demand long before the station opens, because the market prices the future.

For apartment owners in central Herzliya that means it is worth knowing exactly where the route runs and where the stations are planned, before making a decision about selling. The gap between one street and the next in the same area can be substantial.

What this means if you are selling or buying in Herzliya

For sellers: an approved plan in the immediate surroundings changes the reference point buyers work from. An older apartment next to an approved compound is judged differently from an identical apartment on a parallel street with no plan behind it.

For buyers: adding 140 new apartments in the core of the city will feed through in time to supply and to the mix. Anyone buying an older apartment in the area today should ask what the planning status of that particular building is, and not only that of the neighborhood.

We handle transactions in Herzliya and across the Sharon cities, and can say of a specific building where it stands against the plans that have been approved.

Courtesy of Merkaz HaNadlan · read the original article