The companies Capital Platinum, Tzafrir and Zohar Sharbat and Yahalom, owned by Aharon Prober, jointly purchased land in an area of about 20,000 square meters for the construction of a mixed-use project that combines residential and commercial, on the renewed Hayarkon Street in Bnei Brak, near the BBC business area for NIS 220 million.
The master plan approved for the area allows the construction of about 200 housing units in a building up to 7 floors above a commercial floor and an underground parking lot.
The partnership expects that the volume of revenue in the project will be about NIS 600 million and that the building permit will be received within a year.
The partnership won a tender from the Bnei Brak Economic Company (Hachal) and completed the purchase of the land in recent days. This is the Knesset’s first tender on Hayarkon Street, as part of a master plan approved in April 2021.
According to Ilan Avrahami, owner and CEO of Capital Platinum, “The deal is part of the company’s strategy for initiating, developing and building leading residential projects, which include thousands of apartments in the hottest areas of demand in Israel. Bnei Brak as a whole and the Yarkon Street area in particular are currently undergoing a significant construction and development boom that includes the construction of extensive living, commercial and employment areas.
The comprehensive master plan for the city of Bnei Brak approved in 2017 allows for the addition of about 10,000 housing units to the city, while increasing the supply of public areas and open spaces. This increase is expected to increase by about 30% the city’s population of about 190,000 people. The plan also allows for the further development of the BBC business district with the possibility of adding 1.5 million square meters of employment and commercial space, and about 450 housing units with a total area of 40,500 square meters.
Hayarkon Street in Bnei Brak symbolizes the great urban change that Bnei Brak is making in the northern part of the city. What was until today an industrial area containing garages, industrial buildings, warehouses and other buildings, is becoming a new and modern urban continuum, from the BBC business district to the Ayalon Mall and the banks of the Yarkon River.
Behind the change is the active activity of the Bnei Brak municipality, which has formulated agreements with businesses in the area for evacuation and compensation, as part of a comprehensive perceptual change of the area from industry to a prestigious residential, commercial and employment district. Alongside the plot of the partnership, there are other plots that are already in various planning and licensing stages. The street and the entire area are expected to be the new entrance gate to the city of Bnei Brak that will be characterized by construction at a higher level dozens of times than what characterizes the city today.