A four-story building with 14 apartments is planned for 8 Kehilat Budapest Street in Tel Aviv’s Hadar Yosef neighborhood, replacing a two-story building with five apartments. Yaaz Development and Construction has obtained a permit under the demolition-and-rebuilding route of the Tama 38 urban renewal program.
The development will include three-, four- and five-room apartments, as well as garden apartments. The company’s advertised prices start at NIS 3.7 million for a three-room apartment and NIS 3.4 million for a two-room garden apartment.
New apartments for existing owners
The owners of the five existing apartments will receive new homes with parking, a protected room and a 10-square-meter balcony. The building will also have parking spaces and a bicycle and stroller storage room. XS Architects is designing the project, and the developer estimates that residents will be able to move in in about four years.
Near Yarkon Park and northern Tel Aviv’s business districts
Hadar Yosef lies in northeastern Tel Aviv, north of the Yarkon River, and was among the first neighborhoods built on that side of the river. Mivtza Kadesh, Bnei Ephraim, Pinhas Rosen and Shitrit streets frame the neighborhood area. Nearby neighborhoods include Neot Afeka A, Maoz Aviv, Shikun Dan and Ramat HaHayal.
Yarkon Park lies to the south, while the Ramat HaHayal and Kiryat Atidim employment centers are nearby. Bnei Ephraim and Pinhas Rosen streets connect the neighborhood to routes into central Tel Aviv. Urban renewal projects have been gradually replacing older buildings in the area.
Transport plans for the area include the Green Line light rail toward Ramat HaHayal. The developer cites 2030 as the expected opening year for the northern section. That is a forecast, not an existing rail service.
Tomer Reifman, CEO of Yaaz Development and Construction, said:
“Urban renewal in Tel Aviv is going through a challenging period. Overhead costs are rising, financing is becoming more expensive, schedules are being delayed and there is a labor shortage. Many developers have slowed the pace at which they move projects toward construction. Nevertheless, Yaaz continues to advance its activity in the city, and we have recently obtained several building permits in some of its most expensive and challenging areas. Among other things, this is possible because the apartment owners, our partners in these projects, fully understand that the benefits offered as part of urban renewal need to be reduced or adjusted. Hadar Yosef is one of the neighborhoods with the greatest potential in Tel Aviv. It is close to Yarkon Park and the employment centers in the north of the city, and it will also be connected to the light rail. In my view, all of these conditions promise stable demand and an increase in property values in the neighborhood.”
