Ramat Gan seeks to transform Diamond Exchange site
Ramat Gan municipality advances a major redevelopment of the Diamond Exchange area, approved in 2022, adding 3.7 million sqm of space including offices, commercial, residential, and hotel uses. The plan aims to transform the currently office-dominated zone into a mixed-use, pedestrian-friendly area active around the clock. Several large projects are underway, led by Vertical City, a three-tower complex with a 395-meter, 95-floor tower.
Ramat Gan municipality is pushing forward a large-scale redevelopment of the Diamond Exchange area, based on an outline plan approved in February 2022. The plan adds 3.7 million square meters of space above ground, including up to 2.98 million square meters of office space, 200,000 square meters of commercial space, 200,000 square meters of public space, 1,750 housing units, 500 student dormitory rooms, and 1,500 hotel rooms. The goal is to transform the currently office-dominated zone into a mixed-use, pedestrian-friendly area that remains active in the evenings and on weekends. Several large projects are already underway or in advanced planning. The largest is Vertical City, a three-tower complex on a ten-dunam site at 37 Menachem Begin Street, with the tallest tower reaching 395 meters and 95 floors. Israel Canada and BSR bought the site in 2021 for NIS 936 million, and Clal Insurance now holds 25% of the project. The project will include 240,000 square meters of office space, 14,000 square meters of commercial space, 600 housing units (400 for long-term rental), and 350 student dormitory rooms. Mayor Carmel Shama-Hacohen said the area's advantage is its combination of business strength and location in the heart of Gush Dan with rail and light rail access. The municipality says the combination of renewed construction and accessible transport will establish the Diamond Exchange as one of the main urban and economic centers in Gush Dan.