precedent in israel: long-term rental project will start in the city of Lod

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by Ifi Reporter Category:Real Estate Jun 15, 2020

The state-owned apartment rental company and the Israel Land Authority announced that Parshkovsky construction company is the winner of a long-term rental project as part of the roof agreement, in a new neighborhood in Lod, which will build on Ben Shemen's land. The complex will include 352 units of which 286 are long-term rental apartments.
The Ben Shemen project is the second project of the Parshkovsky Company as part of apartment tenants and is joining a project of 320 housing units currently being built in West Ramla. Lod agreed to the project despite recently announcing that it would stop construction in the city under the roof agreements due to disagreements with the Ministry of Housing.
The project will be built in two 8-story buildings that will be built alongside two additional 20- and 27-story buildings, 286 housing units designed for long-term rental in a rental model - long-term rental for 15 years, with 50% of the housing units being rented at reduced rent and the remainder at fixed rent. And supervised. And 66 housing units will be offered for sale from a free market media, upon completion of construction. On the ground floor of the buildings, a commercial facade of approximately 2100 square meters will be built.
 The neighborhood where the complex will be for rent will cover an area of ​​860 dunams, comprising about 4,000 housing units, as well as commercial and employment areas, a huge park with a lake on the banks of Nahal Gezer and an amphitheater of 180 dunams. The new neighborhood will provide walking and bike paths for me and a large educational community will be set up with preschools and schools to serve the residents of the area.
In accordance with the terms of the tender, Parshkovsky will be required to operate and maintain the project for a period of 15 years (the total rental period), through a management company and in accordance with the maintenance specifications defined by the apartment for rent. Like other apartment rental projects, tenants in the project will benefit from stability, certainty about the long rental period and rents. They are also state-of-the-art residential apartments, high-end finishing and maintenance specifications and long-term quality of life.
Minister of Construction and Housing Yaakov Litzman said of the project, "Expanding the housing sector for long-term rental and providing can be a significant housing solution, especially at this time, and this is being explored in depth these days." Yair Tal, CEO of Apartment for Rent Related to the mortgages taken by them in light of the labor market instability. "Lod Mayor, Adv. Israel's Land is proud and delighted at the success of the auction in Lod, which will allow the construction of 352 housing units and will open the area. Rental tenants are joining the housing market for a price to the resident and the additional marketing channels designed together to meet the housing needs of Israeli citizens. "

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