Tel Aviv’s Kikar Hamedina undergoes transformation

Kikar Hamedina was transferred from Tel Aviv through three vortex towers in advanced stages of construction. It will host high 40 -storey refreshments, more than 400 apartments, and although the construction has not yet been completed, the area has already undergone a major plastic surgery.

I was already returned in the 1960s and 1970s, development plans were developed for the large area in the box, but over and over again, I failed to overcome legal difficulties and planning. For decades, the square was surrounded by luxurious properties but was relatively neglected. Only after a long struggle between the municipality and landowners, and with the help of the provisions of the Supreme Court, it was possible to move forward in the comprehensive planning that included, in addition to building the three towers, upgrading infrastructure, developing the open public space and building public institutions.

The project received a constructive permit from the municipality of Tel Aviv in December 2022, after more than seven decades of conflicts. Construction is jointly made by Electra and Dektrom construction companies.

ADI GAZIT, CEO of Barect Capital, the company, who has provided landowners in the project, says 2.05 billion NIS with Clal and Migdal, says the project will be ready to occupy within two years.

250 land owners will receive 453 apartments. Cigarettes explains that the fact that all apartments belong to the landowners and are supposed to be delivered all at the same time that require the construction of the three towers at the same time, not in stages. “This is a particularly difficult process at the engineering and operational level. The progress pace made it possible to complete about seven floors per month, compared to only three floors in the traditional design, and the average construction time per tower per tower to 11.3 months only,” the company notes.

The field renewal, which is one of the most important urban projects that have been implemented in Tel Aviv in recent years, has sparked interest not only in terms of planning and architecture but also its economic impact and transportation.

Will the new area be filled with luxury stores or reasonable outlets? How will the project affect the flow of traffic in the region? What is the price range of new apartments and how will the development affect the value of nearby properties?

Prices: 65000 NIS per square meter on average

Some apartment owners have already started selling their apartments, but no transactions have been registered since the beginning of 2025. says Guy Barel from R/Max Max says that based on previous deals, the average square meter price in the project is 65000 New, but there were also closed transactions for 80,000 square meters per square meter and more.

Last December, a four -room apartment was sold on the 38th floor in one of the three towers for 10.63 million New – 75,913 nis per square meter; A four -room apartment was sold on the 39th floor in May 2024 for 9.59 million New – 68,520 NIS per square meter; A four -room apartment was sold on the 38th floor in April 2024 compared to 9.58 million New – 68405 New square meters. All transactions were for a 140 -meter apartment.

Among the celebrities who bought apartments in the project, the singer Omar Adam, who bought an apartment of 200 square meters for 15 million New, and the Spanish football star Sergey Roberto, his Israeli wife and model Coral Coral Simanovic, who paid 13 million New on the upper floor of the horoscope.

Currently, a 55 square room apartment is served with a 15 -meter square balcony, as well as parking and storage room, for about 70,000 shekels per square meter on the middle floor of one of the towers.

For comparison, Barrell explains, “The price of the new apartments sold in the region after construction has an average of 60,000-62,000 square meters. “Barrell believes that occupying the project will lead to a decrease in prices in the region, at least in the short term, due to the excess supply of new apartments in Kikar Hamedina and the surrounding streets. Barrell says:“ Rova (region) 4 in Tel Aviv is one of the areas that have the largest number of urban renewal projects. ”This means that buyers interested in buying apartments in the region gain energy on contractors because of the excess offer, It may lead to low prices. ”It is also noted that the Tzamert project in Tel Aviv, which is not far from the Kikar Hamedina project, is also expected to test a decrease in demand.

Commercial space: stalls instead of stores

The contracts in which attempts to implement the project have led to major changes in the original plans. In one of the old plans, boutique cafes, boutique restaurants and designers stores were planned to integrate into the constellation design.

However, Danny Goldshmitt, a representative of the landowners in the project, tells “Globe” that the current plan of the project will include only four small cafes in coordination of a booth – small wings that sell coffee similar to those in the streets of Rothschilds, Nordo and Ben Gurion. Three of them belong to the rights holders of the project, and owns another booth for the municipality of Tel Aviv.

In addition, next to the three towers, a garden covering about 40 dunams (10 acres) will be built. Garden will include green meadows, pedestrian paths, cycle, sitting areas and stadiums. At the same time, an elementary school is already in advanced stages of construction, which will include 18 academic rooms and six semesters in private education, including an underground gym. A four -storey community center is also under construction, as well as an underground parking parking with 906 places for parking for private use, and public parking with 720 places to park.

Transport: thousands of additional cars

The addition of hundreds of residential units, public buildings, including school and a huge car park, will lead to a significant increase in the traffic of vehicles and pedestrians in the region, which raises questions about the current infrastructure capacity to deal with the new load. This issue also appeared during the discussions of the local planning committee of the municipality of Tel Aviv, especially in the context of the school.

The Vice May of Tel Aviv-Yafo Municipality tells the transportation and road safety of the “Globes” that when planning began, the intention was from the bottom of the entire square. “But over the years, we have learned that the tunnels create non -wicked areas and cycling, such as Laguardia, Carlebach, etc.”

Lehavi adds that it was decided to manage traffic from the site instead of the tunnel, in order to deal with the new traffic in the region. “The construction ratio in the project is relatively low in order to leave open areas for the audience’s well -being. The plan was keen to mix to create a living space that allows education, commercial, commercial and entertainment services near the house. Mixing commercial and residential uses is good because it creates opposite movements in entry and exit.”

It also indicates that the sidewalks around the box have been expanded and promoted to allow the comfortable walking on both sides of the square, and besides that, there are internal clips and access methods inside the box that will allow shortcuts to various services and wandering around the area that will also include a garden with a lake in its center. “

It was published by Globes, Israel Business News – En.globes.co.il – on September 25, 2025.

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