Afik HanahalPinui-Binui (evacuate and rebuild)
In short
In pinui-binui a small neighbourhood is demolished and rebuilt: residents move to rented apartments at the developer's expense, return to new, larger apartments, and the developer profits from the extra units.
The professional explanation
The process: resident organisation and a representative committee, a residents' lawyer, developer selection, a pinui-binui agreement (qualified-majority consent of apartment owners), detailed plan, permits, evacuation, construction (3-5 years) and occupancy.
Resident protections: bank guarantees for the new apartment and rent, insurance, schedules with sanctions, a technical specification, and support from the Government Authority for Urban Renewal. Dedicated tax benefits apply to residents and the deal.
Feasibility depends on the "multiplication factor" (new units per existing unit), set in the plan according to local land values. In the Sharon cities the factor is relatively low due to high land values, so many projects are feasible.
Example from the field
A compound of old buildings in Herzliya entered pinui-binui. After plan approval and several years of construction, the old apartments were replaced by new ones, and the original owners received larger apartments with parking and a safe room.