Work has begun on a 68-apartment redevelopment at 11-13 HaAmoraim Street in Neve Avivim, northern Tel Aviv. Developer Beit VeGag has demolished two four-story buildings dating from the 1970s, which contained 28 apartments. Two new buildings, each with eight floors above the ground floor, will take their place, along with underground parking.
Larger homes for existing owners
Designed by Orbach Halevi Architects, the project will include three- to five-room apartments, garden apartments and penthouses. Existing owners will receive an additional 25 square meters per apartment, including a protected room, as well as a balcony, a storage room and an underground parking space.
The developer projects revenue of about NIS 270 million and estimates an average price of approximately NIS 55,000 per square meter.
Redevelopment in an established northern neighborhood
Much of Neve Avivim was built during the 1960s and 1970s. The neighborhood has internal residential streets, boulevards, public gardens, a shopping center and public facilities. Tel Aviv University, Ramat Aviv Mall, Yarkon Park and the coast are nearby.
Namir Road, the coastal highway and the Ayalon freeway connect the area to routes north and south. The Green Line light rail, which is under construction, follows Einstein Street along the neighborhood’s southern edge.
Existing apartment owners, buyers, neighbors and project partners attended the demolition event alongside company executives. Those present included Rom Shahar, a director and representative of the controlling shareholder, and CEO Ronen Akavia.
Eilat Lustig, Beit VeGag’s vice president of marketing and sales, said:
“The demolition of the buildings on HaAmoraim Street in Neve Avivim is an extraordinarily moving moment for us and for the apartment owners, who have worked alongside us for about a decade. We have made it through that process together, and today the project is officially getting underway. I sincerely thank the apartment owners for their trust and for the great patience they have shown throughout the process. Beit VeGag continues to advance and develop its projects, with a deep commitment to apartment owners and to the national need for urban renewal. We continue to expand our development activity into additional cities. The company’s strategy is based on building a diverse, high-quality pipeline of urban renewal projects and complexes in high-demand areas, ensuring continuous growth and a sustained leading position in the market.”
