The BIG company announces that it won the tender of the Israel Land Authority for the lease of an area in Zichron Ya’akov that includes approximately 12 dunams for the construction of 250 sheltered housing units, as well as approximately 3,000 square meters of related commercial space.
For the lease rights, BIG will pay NIS 62.7 million and NIS 5 million for development expenses. BIG recruited Michal Arad, who has extensive and proven knowledge and experience in the field, so that she will lead, manage and develop the sheltered housing sector in the company.
The sheltered housing project in Zichron Ya’akov is added to another sheltered housing project owned by the company that is already in the planning stages in Nes Ziona, which will include approximately 300 housing units, and will be built as part of a large-scale mixed-use project, which will allow the residents of the complex a lively living experience.
Chai Galis, CEO of BIG, points out that “We see the sheltered housing sector as an additional and significant growth engine due to the increase in life expectancy and the existing shortage in the market for quality sheltered housing. The company intends to examine and promote IBA processes to add projects for sheltered housing in the commercial centers it owns, thereby responding to demand throughout the country while producing improvements to the existing properties.”