Mediterranean Towers Launches SPIRIT, Massive 1B NIS Senior Housing Project

Mediterranean Towers has launched marketing for SPIRIT, its largest senior housing project to date and one of the largest in Israel, located in the Neve Ayalon neighborhood of Or Yehuda. The development represents an investment of over 1 billion NIS, spanning approximately 95,000 square meters of built area with about 460 housing units.

The complex features a commercial center, a 700-seat auditorium, a sports center, podcast rooms, and an innovation incubator. The average deposit required for an apartment is approximately 3 million NIS. In an interview with the press, Mediterranean Towers CEO Doron Arnon explained that the project reflects changing demands among seniors, who now expect active, independent living environments.

Arnon also addressed the broader cost of living, noting that seniors increasingly prefer spacious apartments rather than the smaller units built in the past. He emphasized that lowering costs depends heavily on government land pricing policies. The company aims to expand its total portfolio from approximately 1,900 housing units at the end of 2025 to 3,500 units by 2030, with additional projects planned in Tel Aviv and Givat Shmuel.

The broader senior housing sector is experiencing significant momentum. Recently, Aura announced a 1.7 billion NIS acquisition of the Beit BeKfar chain, as more real estate developers expand into the senior living market, combining income-producing properties with long-term operational activities.