The Central District Planning and Building Committee recently approved the final validation of the evacuation-reconstruction plan in the Eli Cohen neighborhood in southern Tel Mond – the largest project of its kind in the town to date. The decision was made despite objections submitted by the local council, most of which were rejected by the committee. According to the decision, 400 square meters of public-use built-up areas will be added, in exchange for the addition of one more floor to one of the buildings in the project.
As part of the plan, five old three-story "railway" buildings, comprising 102 housing units, will be demolished and replaced by nine new residential buildings ranging from 8 to 10 stories, which will include 370 housing units, commercial spaces, and public buildings. Of the total apartments, 102 will be allocated to current rights holders, while the rest will be sold on the open market.
The project is being led by Av-Gad Holdings, which owns 51% of it, after selling a 49% share in 2024 to its partner, Shponder Padlon, at a project valuation of approximately NIS 80 M. Additionally, the Phoenix insurance company holds an option to acquire up to 37.5% of the project, as part of a broader NIS 400 M investment agreement with Av-Gad.
The project is expected to generate total revenues of approximately NIS 881 M, with a projected gross profit of around NIS 270 M. Architect Eldad Lev designed the project from the architectural firm Zeit-Lev Architects.
Attorney Re’em Razon, CEO of Av-Gad Holdings, stated: “This is significant news for the residents of Tel Mond, who will enjoy a modern and attractive neighborhood at the heart of the town – after 11 years of planning. We are grateful for the opportunity and look forward to cooperating with the local council in continuing the development.”