Aura Investments, a leading Israeli real estate group, has completed the sale of 60 residential units to the IDF's Housing Directorate, marking the development of a new military neighborhood in the heart of Lod. The contract with the IDF Housing Directorate is part of the Narkissim project in Lod, designed to serve officers and non-commissioned officers (NCOs) in permanent service.
The project includes the construction of two luxury towers, each 24 stories high, with a total of 220 residential units, along with office spaces, commercial areas, and green zones for the neighborhood and its surroundings.
This dedicated neighborhood is tailored for career service members, offering a unique living environment in a prime location. Each tower will house 109 residential units of various sizes, ranging from 3 to 5 rooms. The development will feature modern, high-standard residential buildings, offices, commercial areas, and green recreational spaces to benefit both project residents and the nearby community. The neighborhood boasts excellent accessibility, located on Hashmonaim Road, which connects to major transportation arteries—Highways 40, 1, and 443—with direct access to Ben Shemen Interchange, Tel Aviv Metropolitan Area, Ben Gurion Airport, and Highway 6.
Lod has been transforming in recent years due to a significant wave of investments, attracting a strong influx of new residents. The city is developing new neighborhoods, tens of thousands of housing units, improving infrastructure, and enhancing access to and from the city, with the aim of attracting a strong and thriving population to strengthen Lod. Its central location, near Israel's main air gateway, is a major advantage, thanks to the highway system that shortens travel distances and times—just a 10-minute drive to Tel Aviv and about 30 minutes to Jerusalem. Lod's urban vision, combined with its unmatched transport accessibility and broad investments, has made it one of the most attractive destinations in Israel for housing, employment, and commerce.
Yaakov Atrakchi, CEO and owner of Aura Israel, stated, "Lod is a key hub of activity for us, where we have extensive experience. We are pleased to see the city's growth and significant development. Aura is involved in several projects in Lod, and we are well-positioned to contribute to its status and quality of life. We believe this new military neighborhood will attract a strong and vibrant population, offering an urban environment with commercial areas and green spaces, providing an excellent solution for career officers seeking to live in central Israel."
Aura has several other projects in Lod, including the Aura Center shopping mall, which is set to be built in the Shahal neighborhood alongside a luxury residential complex. The mall is expected to feature branded stores, cafés, fashion and clothing outlets, bookstores, fast food chains, and more.
Additionally, the project includes a residential complex of seven high-rise buildings, comprising around 620 units, with approximately 100 units designated for long-term rental. Commercial areas will be integrated into the ground floors, blending with the new mall, which will allocate 1,400 square meters for a supermarket from one of Israel's leading chains. The project will also feature a mixed-use floor combining commerce and employment, and a rooftop level with seating areas and cafés.
Another significant project by Aura in the city is the Aura Ben Shemen project, which received occupancy and electrical permits last May. It includes 602 residential units spread across 11 buildings, ranging from 7 to 23 stories. Phase A of the project consists of eight buildings, expected to be inhabited this year. Phase B will include three boutique buildings, each nine stories high. The company estimates that 332 additional units will be delivered in Q3 2024, with the final 102 units scheduled for delivery in Q1 2025.