The area, currently sitting on more than 18 acres will be expanded to 20 acres.
The plan was first approved for deposit by the Central District's Regional Committee in 2008 and has gone through the objection phase during the past three years.
The plan also required the approval of the relevant government offices until it was finally approval last month.
The municipality is pinning hopes on the quick implementation of the plan due to extended construction rights that will be allotted to owners of the land in the area.
According to City Architect Sharon Gloter, the municipality has received many applications from companies which are interested in setting up operations in Hod Hasharon; therefore efforts to promote specific building plans in the area will soon be underway.
Gloter added that the municipality had scheduled a meeting with land owners in the area.
As the area is included in the Ministry of Construction and Housing's evacuation-construction plan, developers who choose to implement the plan will enjoy tax benefits.
The municipality has been allocated funds to assist in the area's development and will be entitled to bank loans until the completion of the project.
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