For approximately NIS 145 Million: Companies to Build 94 Apartments in Herzliya Studios

The tender for the requested land in Herzliya has been completed: The Israel Land Authority has announced the completion of the tender for constructing 94 housing units in the last land division of the "Herzliya Studios" complex. The winning companies, which will pay the state about NIS 142.5 million and another NIS 2.3 million for land and infrastructure development expenses, are "Africa Israel," "Tadhar Investments," and "Luzon Ronson." 

Despite the desired location in one of the most expensive cities in Israel, only one bid was submitted for the tender, the winning bid mentioned, with the three companies acting as partners. The minimum price to enter the tender was about NIS 122 million, so the winning bid was approximately NIS 20 million higher than the minimum price. However, it is noted that the winning amount was significantly lower than the appraised price by ILA, which was approximately NIS 172.83 million.

The lot is part of a plan to establish a residential neighborhood in the Herzliya Studios complex, which will include approximately 350 housing units, including small apartments. The construction mix in the neighborhood includes four residential buildings of up to 15 floors with a ground floor, technical roof, and two basement floors. Next to each of these buildings will be a three-story building with a ground floor, a partially recessed fifth floor, and two basement floors. 

The new neighborhood will also feature areas for public institutions, including the Herzliya Studios Preservation Complex (about 5,400 square meters), commercial areas (about 2,050 sq. m.), road infrastructure (about 0.8 hectares), and open spaces (about 1.7 h).