Ramla Approves Phase A Permit for Av-Gad's TEO Urban Renewal Project

Av-Gad Holdings announced that the Ramla Planning and Building Committee has conditionally approved the building permit for Phase A of the TEO Ramla City Gate urban renewal project. Av-Gad holds an 80% stake in the project, partnered with the Tetroya Group (20%), aiming to construct two 25-story towers comprising 268 new residential units at the western entrance to Ramla.

The project utilizes a build-evacuate-build model, allowing the initial two towers to be erected on open land. Upon completion, approximately 90 out of 116 existing apartment owners will relocate into these new buildings. Phase B will involve the demolition of eight old buildings along Herzl Street to construct two additional towers, bringing the total complex to four 25-story towers and a textural building.

The entire project will encompass 530 new housing units, a commercial frontage facing Herzl Street, approximately 1,859 square meters of commercial and employment space, and about 830 square meters of public areas. Av-Gad CEO Adv. Raam Ratzon noted that obtaining the building permit marks a milestone for the company's largest urban renewal project to date.