Gindi Tel Aviv Old Wholesale Market Project

Gindi's Givon / Old Wholesale Market project is one of Tel Aviv's biggest

In a central part of Tel Aviv, a large parcel of land from the old wholesale market is in the midst of construction. One of the last large pieces of land in the middle of the city is being turned into a luxury complex befitting the fast and furious 1990s and 2000s. Decades with flair and decadence not seen here for a long time. In an effort to make a large project safe for investors and worth the opportunity, Gindi and city planners are designing a whole luxury neighborhood. The complex includes parks, schools, retail spaces, all at a luxury level only seen one building at a time. The project was conceived at the peak of euphoria in Tel Aviv real estate luxury development era. It is still left to be seen if such a large number of luxury apartments can be sold all at once. Yet, the developers and investors seem not to worry, as construction is going full tilt.

Plan view of the central space in Gindi Givon project

Tel Aviv city planners and economic / business leaders are an ambitious group. They view the city as the representative of Israel's success, both economically and culturally. To that end, the city feels a bit cheated out of the most luxurious properties, actually luxurious location, in Israel. To that end, Tel Aviv is trying to imitate cities like New York, London, and Paris. Which offer luxury at an international level despite suburbs which offer luxury not available in dense urban areas. Around Tel Aviv, in Savion and Caesarea, one can find luxury homes not available in Tel Aviv. Yet, there is a class of upper class residents who are willing to give up on privacy and space and live in a central city location. This is what city planners and private investors hope to accomplish on a big scale here in Tel Aviv.

Most Tel Avivians are not certain of how things will develop in the city. Property prices are going up at frightening rate. For owners, this is not a concern, as long as they stay put and do not need to move or change their current apartment. For renters and ones who wish to live  (and buy) there is cry of foul play or some big conspiracy. Yet most people are not sure who is pulling the strings. Property markets are a best of their own, and it does not seem like the government or private entities are doing anything to control the market. Tel Aviv and many central towns are simply overbuilt and still attract people like a great big magnet. Despite the high prices, small apartment size, congestion and pollution of all kind, people still want to live in a central location. Well, for the ones with money to affort a luxury life in the middle of the city, Gindi is giving them something to consider.

to be continued...