The company will retrofit and upgrade 24 buildings with 466 apartments in Haneviim Lot in southwest Bat Yam, and it will add 343 new apartments on two and a half floors in each building.
The additional housing units will be three and four-room apartments and penthouses, with an emphasis on affordable housing.
The company has signed agreements with all the necessary advisors so that the application for a building permit will be completed and submitted by the deadlines stipulated in the contracts.
The project will be financed by company equity and bank loans. The company estimates the construction costs at NIS 235 million (about $68 million).
The 466 existing apartments will be retrofitted and renovated to comply with earthquake standards. A protected space will be added to each apartment, and all the infrastructures up to the apartment entrance will be replaced. Elevators will be added to all the buildings.
Under the Urban Building Plan, the Bat Yam Municipality will allot land for the construction of parking lots for the new apartments.
Andev Development Group is managed by developer Dan Anbar. Anbar, 52, was born in Montreal, Canada to Israeli parents. In 2003, he founded Andev Group LLC, in Chicago which has developed real estate projects worth hundreds of millions of dollars in the Chicago area and in Wisconsin. Most of the projects were assisted living facilities for the elderly.
Andev Group is also engaged in residential and commercial real estate. In December 2010, Anbar sold his company’s assisted living facilities to CRL LLC for several hundred million dollars. Andev continues to develop in Chicago assisted living facilities projects through Andev Group for CRL.
Anbar has bought a penthouse in the Sea Park Project in Bat Yam, and he will shortly immigrate to Israel to manage his American and Israeli businesses from Bat Yam. Anbar Development Group has rented offices in the Rothschild Building in Bat Yam, which it will enter in a few weeks.
'We'll build hundreds of affordable apartments'
Adv. Guy Farbman is the owner of Israel’s leading law firm in the field of National Outline Plan 38, advising more than 120 projects, and represents Dan Anbar in Israel.
“In recent weeks, we have been managing a huge campaign to sign the rights of owners in Bat Yam’s Haneviim lot," he says. "We have already signed up 24 buildings and with Joseph Assa Architects and Town Planners, and we’ve begun planning the first six buildings that are fully signed up. We are in the final signing stages with the other buildings.”
Adv. Farbman adds, “We are fully collaborating with the Bat Yam Municipality to facilitate procedures, obtain building permits, and solve infrastructure problems.
"The Municipality supports the projects and understands the importance of a single, financially sound and experienced developer building it. That is why it is moving the project forward and assisting us. Without the close collaboration with the local authority, a project of this size could not be built.”
Dan Anbar, Andev Development Group, comments: “I am a great believer in the huge potential of National Outline Plan 38, which is a win-win plan for both homeowners and for us as developers.
"The proximity of Bat Yam to Tel Aviv will, in the coming decade, attract to Bat Yam thousands of young people who work in Tel Aviv but who cannot afford an apartment there. Within three years, we will build hundreds of affordable apartments in Bat Yam.”
- Follow Ynetnews on Facebook