A major urban renewal project promoted by the group in Tirat Carmel has been approved; approximately 1,284 residential units and 15,000 square meters of commercial and office space will be constructed.
The expected revenue from the project is estimated at approximately NIS 2.3 billion.
Yossi Rayk, CEO and owner of Rayk Group: "The project in Tirat Carmel is further evidence of the significant step forward we have made over the past year, joining the project in Bat Yam that we recently reported on. This is a central location in one of Israel's developing municipalities, which in recent years has experienced renewed growth momentum. The project, which will combine residential and commercial spaces, is expected to become a flagship project for the city and its residents. We continue to advance our activities in the field of urban renewal, and soon we will expand our operations in residential development through Landmark Company, with the support of Aspen Group."
Rayk Real Estate from Aspen Group continues the accelerated expansion of its activities in urban renewal. The company announces today that the Subcommittee for Urban Renewal of the Carmel Slopes has approved (after objections) the plan promoted by the group to establish approximately 1,284 residential units and 15,000 sqm of commercial space in Tirat Carmel. According to the group's assessment, subject to the fulfillment of necessary conditions, construction is expected to begin in 2028. The expected revenue from the project is estimated at approximately NIS 2.3 billion.
This is a large-scale urban renewal project to establish a mixed-use residential, commercial, office, and public institutions complex, across 13 new residential buildings (ranging from 9 to 30 floors each) including 1,284 residential units (210 for relocation and 1,074 for sale), 6 underground floors designated for shared parking, and commercial and office areas totaling approximately 15,000 sqm (about 5,000 sqm for commercial use and 10,000 sqm for offices), across a total site area of approximately 3.5 hectares in the city of Tirat Carmel.
The current project is part of the group’s activity expansion, which recently signed an agreement to acquire 51% of the residential development company Landmark. Additionally, the company recently became a 50% partner in a Pinui-Binui (evacuation and reconstruction) project in Bat Yam with E-wave.
This project, located in the Hatikva complex in the northern part of the Ramat Yosef neighborhood in the city, involves the evacuation of five old railway buildings containing approximately 90 apartments, to be replaced by a 27-story tower and two 10-story buildings. The plan includes a total of approximately 340 new apartments and commercial areas totaling around 700 sqm.