Modi’in is developing the TechMod tech park, which will include 100,000 square meters of office and commercial space, with an investment of NIS 1.15 billion by the three partners developing the project.
TechMod plans to bring 10,000 jobs to a city where 75% of residents work elsewhere.
A city built in reverse
According to the Central Bureau of Statistics, construction will begin on 220,000 square meters of office space and 30,000 square meters of commercial space in Modi’in from 2019 to 2023, with TechMod accounting for 40% of the total office and commercial space to be built. A city in recent years.
“This is a city built in reverse,” says Eli Goldstein, one of three partners developing the TechMod project with Yair Hadar of Hadar Group and Ari Shapira of Hold Group .
“It was built as a suburban dormitory with no jobs. Although Modi’in continues to grow and now serves many towns in the region, Modi’in today lacks a significant source of employment, especially Modern planning attempts to address this problem through a new master plan.
“This is a large project by any measure, but in some ways it is not enough to fill all the gaps in Modi’in. It is a city with few office alternatives, and the scarcity of jobs is very noticeable. Being a transportation hub for both rail and highway, the new project will occupy a much larger volume than before, making it arguably the largest in the country. It provides something that is missing and much needed.”
1,800 parking spaces
Designed by Moshe Tzur Architects and Town Planners, TechMod will be built in the north-east of the city and will include four buildings with 86,000 square meters of office space and an additional 14,000 square meters of commercial space.
There will also be 1,800 parking spaces in an underground garage that complies with national parking standards. The city’s third train station will be built a few hundred meters from the tech park.
The land on which TechMod is being built was purchased by three investors for 62 million naira, giving them the right to build on 18,000 square meters. The site was subsequently significantly expanded as additional rights were granted by the city’s overall master plan for this area.
Financing for the purchase and first phase of construction (earthworks and support) of the project was provided by Leumi Bank.
Plans for the site had already been approved for tens of thousands of square meters, but an expanded construction plan has recently been submitted, allowing for construction of 100,000 square meters. Construction permits are expected to be received within about three months.
Construction will take place in two stages. The first phase will include construction of two 10-story office buildings and half of the parking garage. This phase, which he expects to be completed by the end of 2026, will account for his 40% of the entire project.
The second phase will see the construction of a further 10-storey office building, a 20-storey office tower, 8,500 square meters of retail space and a second section of parking.
Plans for the park allow for a variety of uses, from high-tech equipment to offices, labs and clinics to a variety of services, and TechMod estimates it could provide jobs for around 10,000 people.
“Our project is probably the largest single project ever built in the city, and it’s also massive in terms of Tel Aviv and Jerusalem,” Goldstein says.
“We will be able to become self-sufficient in commerce and services that will serve business districts and local residents and meet the needs that cities lack today. I hope.” (Globe/TNS)
