Av-Gad Holdings announced yesterday (June 15, 2025) that it has received a building permit for a demolition-and-reconstruction project at 6–8 HaGeonim Street in western Holon - an area with high transportation accessibility, close to the Ayalon Highway and the Komemiyut train station. The project is part of Israel’s urban renewal program (TAMA 38/2), and includes demolishing two old four-story buildings with a total of 32 apartments and constructing two new 11-story towers above two shared basement levels, resulting in 90 new apartments. Of these, 58 will be sold on the open market.
According to Av-Gad, projected revenues from the HaGeonim project are estimated at approximately NIS 155.57 million. The expected gross profit is around NIS 31.5 million (about 20% of revenues), and anticipated surplus: NIS 40.2 million. To finance the construction, a financing agreement was signed on May 25, 2025, with Clal Insurance and the financial body “Michlol.” Clal will provide credit lines and guarantees of up to NIS 156 million, including guarantees for the rights of existing residents.
Attorney Re’em Ratzon, CEO of Av-Gad, stated: “During a difficult time for the country, we are proud to announce that we have received a building permit for Av-Gad’s first project in Holon - a testament to the company’s consistency, productivity, and resilience even in times of emergency. Urban renewal means improving residents’ safety and quality of life, especially those living in old buildings without security rooms or proper protection, and this is our mission.”
The “HaGeonim” project is the first of eight initiatives Av-Gad is pursuing in Holon. Some are still in early planning stages, while others have already received support from resident committees. Altogether, the company’s Holon projects are expected to yield 616 new residential units.
Project Architect: Oren Brodner, Prayon-Brodner Architects
Residents' Attorney: Yitzhak Avidan
Developer’s Attorneys: Barak Keinan, Yomi Nachman, and Kim Goldberg-Schweitzer (M. Firon Law Office)