Hachshara Insurance Company, owned by businessman Eli Elalzarah and managed by Shimon Miron, has issued a public call for bids to purchase one of its core assets: the Soho Ashdod complex. The property spans approximately 6.5 hectares and includes approved plans for 1,100 residential units alongside 7,000 square meters of commercial street-front space. The complex was acquired about a decade ago from Alfred Akirov for NIS 250 million ($75 m.), and its rezoning for residential use has taken place over the years.
The site is divided into four residential clusters, each consisting of multiple plots. According to the published call for bids, proposals may be submitted for each cluster individually, but not for a single plot within a cluster. The largest cluster includes 348 housing units, while the smallest has 155.
Hachshara emphasizes that in addition to the sections now offered for sale, it (along with other companies in the Elalzarah Group) will retain ownership of additional assets totaling tens of thousands of square meters - intended for commercial areas, educational institutions, green spaces, and public buildings. The entire project was designed by the Mann-Shinar architectural firm, which envisioned a vibrant, innovative, mixed-use urban environment inspired by New York’s Soho neighborhood.
Mixed-Use Vision in Ashdod - A Growing Urban Dream
According to Maimon Fahima, Head of Real Estate at Hachshara Insurance Company, this is part of a broader urban initiative led by Ashdod’s Mayor, Dr. Yehiel Lasri, under the name "Kiryat Eitanim":
"The Soho complex is part of a major initiative spearheaded by the mayor of Ashdod, involving large-scale urban development that will eventually include thousands more residential units. The highlight is the innovative Soho complex - one of the most intriguing and prominent in the country."
Fahima stresses that Hachshara believes in the city’s growth potential:
"Ashdod has gained incredible momentum, and we believe in its development. That’s why we’ve retained additional sections within the complex, which will also be available for the winners of the call for bids. With the city’s significant planned investment, and based on our assessments and analyses, the value of the complex is expected to rise substantially."