Aviv Group unit Aviv Development has won a tender to build 733 housing units, commercial areas and public buildings in Herzliya’s Kiryat Shecvhakim. Aviv’s bid was particularly high – NIS 916 million plus NIS 206 million development expenses for a total of NIS 1.12 billion.
The tender was for an area of 5,288 square meters and is the largest tender for Kiryat Shechakim issued by Herzliya Municipality and the Israel Land Authority (ILA).
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Kiryat Shechakim will be built on 204 dunams (51 acres) north of the Seven Stars Interchange and alongside Herzliya railway station. The area will eventually have 1,670 homes in seven 22-60-floor towers, which were approved by the National Planning Commission in November 2019.
Herzliya Mayor Moshe Fadlon has opposed the tenders because of a dispute over the umbrella agreement for the city’s future with the government and even filed suit on the matter against the ILA in July. Legal proceedings were recently ended with an agreement between the parties, which has allowed marketing of the land without opposition from the municipality.
Earlier this week 897 housing units were successfully marketed for prices 50%-60% above appraisers estimates.
Published by Globes, Israel business news – en.globes.co.il – on December 29, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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