Kikar Medina Project in Tel Aviv Receives Building Permit
A building permit was granted to the Kikar Medina project by the Tel Aviv-Yafo Municipality, which is one of the long-running and most complex projects in the planning history of the country.
The building and approval permit was granted to the landowners several days, ago, who are incidentally the developers as well.
They now have the greenlight to construct three towers that will have 453 housing units. These will be above three underground floors that will provide apartment owners with 906 parking spaces.
Plus, the public will also be given 720 parking spaces.
According to the permit, the ground floor around the towers will also have an area for developing a public park.
The park in question would need to have bicycle and walking paths, a lake, complexes for fitness and playing facilities, gardens and trees and three kiosks, all of which will be accessible to the general public.
It further dictates that 14 out of the 720 parking spaces designated for the public will specifically be for the disabled.
There will also be storage rooms included in the project for 96 apartments. Ashtrom Group and Electra Construction will perform the construction jointly and they have already completed the earthworks and excavation.
WXG (Waxman Govrin Geva) Engineering is going to manage the project in question, as they have been supporting it since 2001.
The first payment for the project had been confirmed as available by Bareket Capital, the non-banking financial company, back in October.
This had enabled the landowners in paying off the different levies that were necessary before the permit for building can be obtained.
The land in Kikar Hamedina had first been purchased by private investors in 1942 and the today, the land is owned by their heirs.
The original plan had been to construct housing between an outer and inner circle. An association had been formed by the landowners in 1997 that eventually became a development firm.
The architects of the project were chosen back in 2000 and the honor was given to Moore Yaski Sivan (MYS). The current plan had been granted approval in 2017.
Danny Goldschmidt, the chairman of the landowners committee, said that the approval of the permit was a historic day for them because they had gotten it after a long investment.
He said that the land had been bought by his grandfather and they had gotten the permit 25 years after he had begun promoting it.
He went on to say that they had dealt with all kinds of pitfalls and delays, but now more than 150 employees were working on the project and it would be an astonishing and mega construction project.
Guy Geva, the chairman of WXG, also echoed similar sentiments. He said that the landowners had now gotten the certainty that they had been waiting for.
He also said that one of the phases of the project like the landfill permit and excavation was already complete and they could now move onto the next.