Engel Invest has received a building permit and begun its urban renewal project at 2 After Street in Lamed, a neighborhood in northern Tel Aviv. The plan will replace an aging five-story building with 18 apartments with a nine-story building containing 33 apartments. It is being developed under the demolition-and-rebuild track of Israel’s TAMA 38/2 framework.
The existing building was damaged when a missile fell nearby during Operation Rising Lion. Engel Invest says the damage helped advance agreements with owners who had not yet signed the redevelopment agreement. The company also credits greater cooperation from the local authority with shortening the permit process.
Larger Apartments for Existing Owners
The old building is now vacant. Its apartments measured about 120-140 square meters. Engel Invest has arranged temporary housing for the displaced owners near the neighborhood for the construction period.
Owners are expected to receive approximately 15 additional square meters, a balcony of about 12 square meters, parking and a storage room. The new building will have five- and six-room apartments, including the living room in the Israeli room count, measuring about 134-160 square meters. The developer expects occupancy within three years.
Asking prices for the new apartments start at NIS 50,000 per square meter. Ofer Engel, a co-owner and vice president of business development, says the project is moving ahead at a time when developers face difficulties obtaining permits, particularly in Tel Aviv’s more expensive areas.
Near the New Sde Dov Neighborhood
Lamed was established in the early 1970s in northwestern Tel Aviv. Sde Dov lies to its west, Ramat Aviv HaHadasha to its north and Kokhav HaTzafon to its south. The neighborhood’s existing housing includes six- to eight-story apartment buildings. After Street is close to the new Sde Dov neighborhood.
