Despite its recent financial reports pointing to huge losses of NIS 5 billion (about $1.2 billion), the Africa Israel company owned by Lev Leviev has been selected to lead Tel Aviv's major "pinui-binui" (evacuation and construction) project in the coming years.
The project focuses on a compound located in the Ramat Aviv neighborhood in the northern part of the city, stretching over some 8.5 acres. It is considered one of the biggest and most expensive areas included in the urban renewal project.
The compound currently includes 275 apartments for evacuation and six commercial properties. Africa Israel is expected to build some 800 new apartments to replace the old ones.
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