Most neighborhoods and buildings in Israel were naturally built many years ago, sometimes decades ago. In different periods, when the approach to the environment was different, the needs were different, and the conditions were not like those of today. One way for local authorities to increase the value of properties in their areas is by working with an urban renewal company to change the appearance of the area, whether it’s in a specific location or an entire region.
An urban renewal company works to transform the environment, turning it from an outdated area that is not suited to the needs and conditions of today, in the 21st century, an area that cannot develop or attract people, into a renewed area with new residential buildings, employment zones, commercial areas, education, and more.
As mentioned, urban renewal can take place in a specific area, either through processes like “Pinui-Binui” (evacuation and reconstruction) of old buildings, improving existing structures, or building entirely new buildings. It can also take place at a specific location, in a particular building that the company buys, demolishes, and replaces with a brand-new structure. Typically, urban renewal will include high-rise buildings that can accommodate many more apartments in much better conditions, and often the building will also include commercial spaces and additional areas.
How does an Urban Renewal Company operate?
Not every real estate company can be an urban renewal company. To do so, it needs to employ professionals who specialize in the field and have extensive knowledge, not only in the aspects of construction but also in entrepreneurship and real estate more broadly.
Such a company employs a team that knows how to identify places where investing is worthwhile, a team that knows how to adapt the design to the needs of the area and, of course, to market it both to the local authority and to other parties, including customers who are supposed to purchase properties in the building and live there.
The company knows how to characterize the area, identify its advantages, and adapt its plans to what already exists on the ground in various aspects.
A good example of an urban renewal company is BST, which specializes in this field and successfully carries out urban renewal projects in various locations across the country.
