An urban vision is being realized in an extraordinary way, as for the first time, a massive mini-district complex is being put out to tender - not by the state, but by an institutional company. Hachshara Insurance Company is launching a tender for a large residential complex in Ashdod, featuring one of the largest mixed-use developments in Israel: 1,100 housing units and thousands of square meters designated for significant commercial and employment space, including hi-tech, fitness, and leisure centers.
The company, owned by businessman Eli Eliezer and managed by Shimon Miron, is expected to tender one of its central assets located in the heart of Ashdod. The approved plan spans approximately seven hectares, with advanced planning already in place. The land will be divided into four separate planning clusters, to be marketed to developers through a bidding and proposal submission process.
Real Estate Today has learned that the site, previously purchased by Hachshara, represents one of the last remaining prime land reserves in central Ashdod. It is located near major transportation arteries and is the first initiative in a vast urban development plan promoted by the municipality under the name "Kiryat Eitanim," led by Mayor Dr. Yechiel Lasri.
The plan’s centerpiece is “The SoHo” - a wide-scale district designed to encourage the development of integrated urban spaces, focusing on high-quality housing for young adults and educators with accessible transportation and a vibrant city life.
The 1,100 units will be divided between four approved planning clusters having 311, 348, 286, and 155 units. About 60,000 square meters will be allocated for office and employment space and around 15,000 sq. m. for ground-floor commercial areas. The complex will also include public buildings such as educational institutions, a synagogue, green spaces, and community facilities.
The planning of the “SoHo” district is being led by one of Israel’s top architectural firms - Mann-Shinar. The planning approach draws inspiration from New York’s SoHo *neighborhood* model, adapted to the local context of Ashdod. The focus is on creating a diverse urban environment with full integration of residential, employment, *hi* -tech, commercial, and community life.
According to real estate industry estimates, the land’s cumulative value is expected to exceed NIS 1 billion ($295m.). However, Hachshara does not intend to market the entire area. Mimon Fakhima, head of Hachshara’s real estate division, is expected to publish a call for proposals in the coming weeks as part of a strategy to form a high-quality consortium of developers capable of advancing the project while maintaining planning coherence, operational balance, and phased development.
Industry sources note that institutional entities, public real estate companies, private development groups, and even investment funds have already shown interest. The project is expected to become a major anchor in the renewal of Ashdod’s emerging city center and to meet the growing demand for high-quality residential and advanced employment options in a central city that is set to expand significantly in the coming years.