Urban renewal in Tel Aviv: “We were constantly receiving proposals”

Project story:

The Ramez 21 project is in a central location in the city, near the State Square and the gymnasium. In the future, there will be a station of the green line of the light rail not far from there.

Ephraim Kashtan, one of the property owners in the building, says that his parents bought the apartment in the building when it was built, in 1961, and he lived there for many years. “The neighborhood was empty. Apart from our building, there was another building in the neighborhood and the rest was sand. Madinah Square was the playground. Little by little, the neighborhood was built.” Kashtan says that after his marriage he moved to Holon. He inherited the apartment from his parents together with his sister, who sold him her share.

“The building was built in the old style,” describes Kashtan. “Our apartment had two rooms with an area of ​​more than 12 square meters, which is 25% more than today’s rooms.” However, according to him, the building was old. “More than ten years ago, we did a renovation but there were always malfunctions. I had an electrician attached to me that I called every Monday and Thursday because the tenants had a short supply.” The drainage also caused problems. “The entire building was rented, only two of the property owners lived in their apartments.”

Urban renewal at 21 Remez Street, Tel Aviv / Photo: People of the City

How did you get to TMA?
“This area is in great demand and when the story of the TMA started, entrepreneurs kept coming to us with proposals and we started talking about the issue. We chose a committee consisting of three people of whom I am one. Throughout the process, we met about 13 entrepreneurs, I toured the construction sites of some of them and I consulted with people who are in similar processes.” Out of the 13 entrepreneurs, five were selected, “we checked through the lawyer the financial situation of each one so that we would not fall in the middle of the project.”

What do you recommend to someone starting a similar process?
“They called me from several projects to consult with me. I tell everyone: go by the book, choose a lawyer and don’t just have conversations with the entrepreneurs but also tours the field. Don’t rely on the niceness of the people.”

The reward for the entrepreneur: 10 new apartments.

Marketing prices: 3.5 room apartment on the 1st floor starting at NIS 6.3 million.

The return to the owner: An additional 17 square meters per apartment, sun terrace, storage and parking.

hazel: Nekhtam agreement in 2017, the building was demolished a week ago.

Address: Remez 21, Tel Aviv

The project: TMA 38/2 (demolition and construction)

The current situation: 3 floors above a partial ground floor, 13 apartments

The developer: The people of the city from the Rothstein group

The executing contractor: Chaim Michalovitz

The architect: Zeit Lev Architects

The developer’s attorney: Epstein Rosenblum Maoz (ERM) law firm

Attorney for the tenants: Treister Law Firm – Shafsals


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