The Kikar Atarim plan on Tel Aviv seafront is finally moving towards the objections stage after the Tel Aviv Administrative Affairs Court dismissed petition by A.F.T. Investments against depositing the plans for objections and against approval of its updated balance sheets. In practice this has given the green light for the project’s progress to the objections stage.
The latest plan for Kikar Atarim Square has been “delayed” for many years, for various reasons. In January 2022 it was approved for deposit, and last November it was officially deposited – this after the opinion of an external appraiser, Yonatan Levy from Levy Avraham and Yonatan Real Estate Appraisals, who set the division of rights in the project: 73% of the rights to the JTLV Fund, which has promoted the plan, and 24.3% of the site, essentially the parking lot to Sefi Tzvieli and Airport City.
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The petition was dismissed with the consent of the petitioners
Tzvieli, through A.F.T. Investments, which he manages, filed a petition against the move last December – a third petition surrounding the promotion of the plan. In the petition, A.F.T. Investments claimed that the municipality’s conduct in the plan was “deficient and illegal”, and that the decision to deposit the plan (November 2022) was made without any real discussion, and without presenting the petitioner’s own arguments before the deposit was decided.
Several days ago, Judge Dr. Kobi Vardi decided to dismiss the petition – and this with the consent of the petitioner, who ultimately stated that he agreed to the dismissal, and did not request a ruling on the merits of the matter. This consent came, among other things, because the petitioner has the right to again raise the arguments raised in the petition, as part of the objections to the plan.
Owners of the rights in Kikar Atarim have already been waiting years for the project to be realized. The original plan to renew the Tel Aviv seafront square was initially proposed in 2010, and in 2012 JTLV began to promote the current plan – the construction of two 25-floor towers covering 65,000 square meters, with 220 apartments and 300 hotel rooms, as well as 4,800 square meters of public buildings and commercial space.
After many years of delays, among other things due to objections of residents and environmental organizations, to the massive construction in the complex near the beach, the plan for deposit was approved about a year ago. Now the objections stage will begin, after which the plan will be built – although the objections phase is expected to be long in itself, and include some very significant objections, which may also reach the courts.
Published by Globes, Israel business news – en.globes.co.il – on February 28, 2023.
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