One of the Iranian missiles that hit Central Israel this morning hit apartment buildings in Holon that are scheduled for demolition soon as part of an urban renewal project being carried out by Oron Real Estate (TASE: ORON).
Oron Real Estate VP urban renewal Gal Kastel says, “There are 48 apartment owners in several buildings in the complex, and we are advancing planning for permits there according to the plan. In the very next few days we should have received a bill for fees and notified tenants of the evacuation, but now all the buildings are destroyed. Usually the evacuation of buildings is done in a phased manner, looking for apartments and packing belongings, but here the picture is different. This just shows how important urban renewal is and I am glad that no one was harmed.”
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Oron Real Estate plans to build three 9-10-floor buildings on the site, with a total of 127 apartments.
Kastel adds, “Right now, we have our tenants moving to alternative apartments as quickly as possible. We have been promoting the plan for about two and a half years with the municipality. It went quickly with the tenants.”
Oron Real Estate CEO Mario Koppel says that the company’s staff arrived at the scene to try to help the tenants, along with the police, the Home Front Command and the municipality’s welfare department. “If it weren’t for the war, we would have already issued the evacuation notice and they were pressing us for it, and we were just waiting for the fees. Now we’ll see if it’s possible to bring the demolition forward, but it will take time to get the buildings cleared and complete work on property taxes. We’ll be ready to move immediately as soon as it’s possible, but we understand that it takes time. Two weeks here or there doesn’t matter.”
Published by Globes, Israel business news – en.globes.co.il – on June 19, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
