Simulation of the Rabbi Akiva project.
Quick approval (photo: Alex Lubimov)
Within less than a month of its submission, a building evacuation plan on Rabbi Akiva Street in Herzliya was approved for deposit in the Herzliya Local Committee.
The plan includes the demolition of 56 units in favor of the construction of 170 new housing units in 6 buildings of 7-9 floors.
The plan was initiated by the ICR company under the management of Mordi Shabbat, and it was approved for deposit in a quick procedure, after it was submitted to the committee about three weeks ago in the middle of March , and was deposited on the eve of Passover. The cost of establishing the project is estimated at approximately NIS 240 million, while the company estimates that the expected revenue will reach approximately NIS 300 million and the gross profit is estimated at approximately NIS 60 million.
The plan applies to an area of 6.5 dunams between Rabi Akiva, Ben Yehuda and Gordon streets, which currently has four buildings built in the 1960s of the last century, including 2 railway buildings (Rabbi Akiva 9, 11), and 2 H buildings (Ben Yehuda 96, Gordon 60), which include a total of 56 units. These buildings are expected to be demolished in favor of the construction of a residential project that includes 6 buildings of 7-9 floors with a total of 170 housing units. Of the apartments that will be built, 114 will be marketed by the developer, and the rest of the apartments
are In addition, the ICR company will establish a special fund through which it will finance maintenance for those entitled.
"In less than a month since it was taken up by the local committee, the plan on Rabbi Akiva Street in Herzliya was approved for deposit," says ICR CEO Mordi Shabat, "This is a plan approval in record time compared to other plans of a similar size.
The ICR company is active in Herzliya both in the worlds of urban renewal and entrepreneurial projects.
Herzliya is in a tremendous development boom and is already attracting a new, young and quality population.
The combination of urban renewal makes it possible to improve the quality of housing and the quality of life of the old residents along with creating the opportunity for the younger generation of the neighborhood to continue living there."
The current project joins other projects promoted by ICR in Herzliya, two of which are under advanced construction: the flagship project in Hagafen neighborhood, which includes 400 units in 8 buildings, and the Herzliya B project on Hamsila Street, a luxury-boutique project that includes 54 units.
In addition, in the Sarah dormitory complex, the company is promoting a project under which 186 units will be demolished and 645 units will be built in their place.
At 86 Bar Kochba Street in the city, the company is promoting another project that includes 75 units + commercial space.
Real estate
urban renewal
Tags
Construction evacuation
urban renewal
Herzliya