Show me an example Israel Real Estate News: A tale of two Israeli cities, with renovations and missed chances

Friday, April 13, 2012

A tale of two Israeli cities, with renovations and missed chances

Everyone is waiting to see whether masses of protesters fill Tel Aviv's Rothschild Boulevard this year, too. But strolling down the boulevard and the nearby streets, one can't help but notice a socioeconomic phenomenon of an entirely different stripe.

It seems construction work is taking place on every other building and on every empty lot. On some sites we're talking about high-rise apartment buildings or huge, glittering office towers; elsewhere it's the renovation and preservation of old structures, newly beautiful in their fresh paint.

For example, there's the corner of Ahad Ha'am and Balfour streets, where an old building is being expanded and renovated. Beneath it a huge pit is being dug for underground parking. In the end, as the sign promises, the project will turn an old, neglected three-story building into a renovated gem, with additional floors on top.

This is a holiday period when we should be thinking positively, and it's easy to think positively when considering Tel Aviv's urban renewal.

Unfortunately, for decades a process familiar elsewhere in the world has been taking place in Israel, too. City centers have deteriorated and lost their residents as well as their fabric.