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Whether the developer halted the work or purposefully proceed at a snail pace, I'm still wondering if the relevant authorities can confiscate the property and resale it to the highest bidder?
 

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I am not a lawyer, but I guess it depends on the agreement he signed vs the appropriate authorities (ILA and Tel Aviv city council?).
If there is a written penalty for dragging his feet on purpose, then they should invoke it.
At any rate, there should be a city bylaw forbidding such behavior with hefty fines written in it.
Say, if he had to pay 100K shekels for each passing day the site is idle, he would have the incentive not to be the a*hole.
Of course its harder if he merely slows down, because he could always claim that the slowdown is due to whatever circumastances beyond his control.
 

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arctic tern
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Whether the developer halted the work or purposefully proceed at a snail pace, I'm still wondering if the relevant authorities can confiscate the property and resale it to the highest bidder?
Looks like they are considering doing that, since the developer originally purchased the lot in 2010 and promised to complete the project by 2016 (!). They have already paid a fine of 14 million ILS, but the potential of getting the approval of apartments instead of some of the hotel rooms is worth much, much more.
IMHO- both the Israel Land Administration and Tel-Aviv's municipality should make an example of this greedy developer: take back the lot, pay the developer whatever they originally paid+interest+whatever the existing construction cost. Then approve some apartments in the tower and resell the lot to the highest bidder.
 
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