The construction of Tel Aviv's first ecological housing project will begin soon, Yedioth Ahronoth's economic newspaper Calcalist has learned.
The structure will be built on Akiva Eger Street, in the central bus station compound in the southern party of the city, by a buyers group organized by Anat Zada and expected to include 42 buyers for two plots.
The building is slated to be a key project in the Tel Aviv Municipality's plan to renew the entire area.
The plan is currently in advanced permit stages and will include six floors, an upper and underground parking lot, three-room apartments with balconies, loft apartments and four-room penthouses.
The building will include smart lighting systems, recycled use of gray water (water generated from laundry and bathing) for irrigation or cooling, charging spots for electric motor scooters, etc.
Avner Schneider, one of the owners of the D&A company specializing in organizing buyer groups, told Calcalist that 12 new projects are currently in the permit or construction stages in the area, which is considered Tel Aviv's next Soho.
According to Schneider, after being neglected for many years, the Tel Aviv Municipality's plan has now upgraded the area and revived real estate initiatives in it.
The plan allows the entrepreneur to receive building rights which are relatively generous compared to central and north Tel Aviv, and the urban building scheme permits the construction of small apartments, making it attractive for young people and investors.
According to Schneider, small three-room apartments were recently sold in the compound for only NIS 700,000-750,000 (about $165,000-177,000) and the monthly rent for flats in the area is about NIS 3,500 ($825) on average.