Urban renewal is one of the key growth engines of Israel’s real-estate sector, and given the scarcity of available land in city centers and the aging of buildings and neighborhoods, will gain even more importance in the years to come. Yigal Arnon & Co. has, for a long time now, been developing integrative capabilities with a focus on urban renewal projects. These deals are complex by their very nature. Firstly, they involve different legal fields: real estate, planning and building, tax, banking and finance, and litigation before the courts and various other tribunals; Secondly, these are multi-party transactions, with each party having its own, special financial and other interests; And thirdly, each project has its own attributes and the business and legal solution must be tailored anew for each one. Our familiarity with the financial and legal concerns and interests of the key players in the urban renewal scene, e.g., the needs and concerns of home owners; developer’s limitations and constraints; regulatory planning requirements; requirements of financing banks; and the complex tax arrangements – enables us to lay down practical and efficient ways to obtain our clients’ needs. The teams dedicated to urban renewal have a long and successful track record with transaction planning, representation vis-à-vis the planning authorities, tax authorities and the banks. The firm also assisted in forming the binding regulatory framework for bank financing of Tama 38 renewal projects. Although most of our clients are developers and contractors, we have also represented many home owners in urban renewal projects. A few examples of urban renewal projects our firm has handled from start to finish are provided below.
The list below describes some of the urban renewal projects handled by our firm from start to finish:
Since urban renewal is a relatively new area, many lawyers in Israel have experience in drafting the contracts, but not with implementing them, especially not in the context of large-scale projects. Our firm has been involved in several large-scale projects that have already entered into the construction stage. This hands-on experience is invaluable for the negotiation and drafting stages as well.