Ramat Gan Tenders Parking Lot at 95-Story Vertical City Project
Ramat Gan published a tender to operate a 300-space underground public parking lot at the 1.12 billion NIS Vertical City project in the Diamond Exchange district.
The Economic Corporation for the Development of Ramat Gan has published a tender for the operation of a public parking lot in one of Israel's largest and tallest projects, Vertical City, located in the Diamond Exchange district in Ramat Gan. The complex will feature three skyscrapers: a central 95-story tower combining employment and residential spaces, a 72-story residential tower, and a 64-story office tower. Currently, there is no taller skyscraper in Israel, although a 100-story tower is planned on the border of Tel Aviv, Ramat Gan, and Givatayim.
The municipal-owned underground parking lot will include 300 spaces, making it the largest parking facility in the project. Construction work for the parking lot has already begun, focusing on shoring and excavation, and is expected to be completed by September 2029. The tender winner will receive usage and operation rights for 24 years and 11 months from delivery. Competition centers on the annual payment to the winner, in addition to a fixed payment of 44.5 million NIS. The project is developed by a group including Israel Canada, B.S.R., and Clal Insurance Enterprises Holdings.
Project Scale and Construction
The underground public parking lot spans approximately 4,900 square meters with 300 public parking spaces, of which up to 90 can be used by subscribers and the rest for transient parking. Ramat Gan Mayor Carmel Shama Hacohen stated: "Vertical City is one of the most significant projects in the development of the Diamond Exchange district, and the progress on-site marks another milestone. The public parking lot owned by the municipality is part of the required infrastructure, serving visitors, employees, and the general public."
Recently, Best Bunya, a wholly-owned subsidiary of the publicly traded BST Group, won a tender to serve as the main contractor for Phase A of Vertical City. According to BST's Tel Aviv Stock Exchange filing, total compensation for Phase A construction will reach 1.12 billion NIS excluding VAT. Vertical City will transform the Diamond Exchange district into a mixed-use urban hub, adding about 1,300 housing units, including 950 standard apartments and 300 student dormitories, alongside commercial spaces and a new campus for the Shenkar College.
