A consortium of property developers has bought 20,000 square meters of land in Bnei Brak for NIS 220 million. The land on Hayarkon Street near the BBC business center will serve as a mixed-use project with housing units and commercial space. The master plan for the land is approved for 200 apartments in seven-floor buildings above street-level commercial space and underground parking. The plan was approved in April 2021 and this is the first tender issued by the Bnei Brak Economic Company.
The consortium buying the land and developing the project is Capital Platinum, Zafrir & Zohar Sharbat, and Yahalom, owned by Aharon Prober. The consortium believes that the project will produce an income of about NIS 600 million and that building permits will be received within a year.
Hayarkon Street is currently an industrial area with garages, warehouses, workshops, and other industrial buildings. Due to its proximity to the BBC business center, the street will undergo a transformation with many new homes built and it will serve as the new gateway to the city.
Bnei Brak's master plan calls for 10,000 new housing units with an emphasis on public areas and open spaces, including 2,000 new homes in a new neighborhood next to Hayarkon Park. The BBC business center itself will be expanded with the construction of another 1.5 million square meters of office space and 450 housing units totaling 40,500 square meters.
Capital Platinum owner and co-CEO Ilan Avrahami said, "The deal is part of the company's strategy of initiating, developing, and building leading residential projects including thousands of apartments in highest-demand areas in Israel. Bnei Brak in general and Hayarkon Street, in particular, are currently undergoing a building boom and significant development including building extensive residential, commercial and office areas."
The deal is being supported by SK Real Estate Appraisal, which specializes in financial support for real estate projects.