Omer Adam bought a 200 square meter apartment on Kikar Hamedina in Tel Aviv. In last December, the local urban planning and construction committee of Tel Aviv-Jaffa made a controversial decision. It granted an excavation and burial permit for the massive project of the Kikar Hamedina. It should be noted that it is one of the most expensive and sought-after neighborhoods in the city.
In the project, the developers plan to erect three 40-story towers, comprising approximately 450 housing units.
The permit is the first step in executing the project. After that, the developer will be able to obtain a construction permit. This will allow for the development of the area for the first time in decades. Moreover, the scope of execution is estimated at around one billion shekels.
Did Omer Adam make a good deal?
In the plan, a public building of 10 stories, parking areas, and an artificial lake will enhance the constructions next to the towers.
In recent years, the landowners of the square have negotiated with the municipality of Tel Aviv. In addition, the signed agreement states that both parties will finance the development costs based on their relative share in the ownership of the land.
Ultimately, the landowners will have full responsibility for the realization of the project through an executive contractor.
The final price includes both the land and construction services. It is a relatively low price. For example, an apartment with an area of about 450 square meters was sold in December in the neighboring Beit Lisin tower for 85,000 NIS per square meter. When the buyer, a foreign resident, invested an additional 15,000 NIS in the apartment per square meter.
Simulation of the Kikar Hamedina residential project in Tel Aviv[/caption>
