Overcoming regulatory obstacles to preserve the viability of a large scale investment for international and domestic actors.
Situation
A group of investors acquired a land reserve in Petach Tikva intended for the development of 250,000 square metres of office and retail space. The project was jeopardised when the government amended parking regulations, removing the ability to provide on-site parking.Before the light rail linked the site, public transport infrastructure was limited and no one was prepared to purchase offices or retail units without parking.
Our Role
We identified and implemented a unique legal solution to preserve the project’s viability. By structuring permits so that the development could be divided into separate phases, we ensured compliance with the regulations while securing approval for an additional 3,000 parking spaces. This approach required both creativity and persistence, but it restored the commercial potential of the development.
Outcome
We guided the investors throughout the life of the project, from planning to execution. What once appeared to be a failed investment became the leading commercial hub in Petach Tikva, a vibrant business and retail centre anchoring the city’s economy.