Despite Tel Aviv having been founded in 1909 and merging with neighboring Jaffa in 1948, the city has never formulated an urban masterplan, that is, until today. Last month saw Tel Aviv-Jaffa mayor Ron Huldai sign the TA-5000 plan, creating a unified vision for the city thru 2025.
TA-5000 calls for the construction of 120,000 new homes throughout Tel Aviv, with an additional 5 million square meters of commercial space over the next 8 years. The plan foresees adding 86,000 new jobs to the city, and will be focused along the new light-rail and metro system. The residential real estate development is focused on the areas surrounding the Reading power station and Jaffa, much of which is slated for historic preservation. The boost in residential and office space will surely make a difference on the Tel Aviv real estate market in the years the come.