ICR Company announces this morning (Wednesday) that the plan to build 256 housing units in the 12th district in Netanya has been approved for validation. Of these, approximately 200 units constitute the company's share in the plan. Expected revenues from the project: about NIS 325 million.
The project, located 600 meters from the sea and adjacent to main transportation routes and public transportation stations, covers an area of 16 dunams. It originated from a combination transaction with about 30 private landowners in the 12th district of the Net/542 plan in the Kochav HaYam neighborhood in the southwest of the city.
As part of the combination agreement and in cooperation with the Municipality of Netanya, subject to a consolidation and division plan for the private lands, ICR succeeded in increasing the construction rights from 87 apartments in buildings of only three floors to about 256 apartments, in 4 towers of 16-23 floors, facing the Wadi Park and also including recreational and leisure areas.
The land in question is located in the 12th district of the Kochav HaYam neighborhood in southwest Netanya, adjacent to the Wadi Park. To the east is Chaim Tzedok Street, to the southwest is Irina Sendler Street, to the northeast is Yochanan Badar Street, and to the south is Wadi Park. The project creates a residential tower front facing the Wadi Park, with a wide path planned in the center of the project that will connect Yochanan Badar Street to Wadi Park. The plan was designed by the architectural firm Dan Wintroby.
"The company aims to be active in high-demand areas"
ICR CEO Dalia Raviv said: "ICR Company aims to be active in high-demand areas, both in the realms of urban renewal and in promising entrepreneurial projects that benefit from excellent transportation accessibility. We believe in the city of Netanya, which is undergoing construction and renewal, attracting a new, young, and high-quality population. Evidence of this is the combination deal in the 12th district of the sought-after Kochav HaYam neighborhood, which joins other projects the company is advancing, including some currently under construction, located near the mentioned plot."
ICR, led by CEO Dalia Raviv, is a private entrepreneurial company operating in the real estate sector, co-owned by Israel Canada, controlled by Barak Rosen and Assi Tokmaier, and ORC LAND, controlled by Raz Oded.
The company has several other projects in Netanya, in various stages of planning and execution, with more than 600 apartments combined, including urban renewal schemes. The company is currently building the Ocean Park project in the Park HaYam neighborhood. The two towers have been fully marketed, with Tower 1 inhabited and Tower 2 under advanced construction. The Ocean Park project is located about 300 meters north of the 12th district.
In addition, the company is advancing a plan on Dizengoff Street in the city as part of an urban renewal plan. The plan covers an area of about 3.5 dunams, includes the demolition and evacuation of about 62 housing units for the construction of about 191 new housing units in 2 buildings of 34 and 10 floors, with a commercial frontage, two kindergartens, a public square, and a 4-story underground parking lot.
The company is also advancing a plan in the Rav Kook-Salomon complex, which includes about 325 housing units in a demolition and construction plan. The plan covers an area of 6.5 dunams, includes the demolition and evacuation of 108 housing units, to build 317 new housing units in two 35-story towers and another terraced building, as well as commercial areas and kindergartens, above underground parking floors.