Minrav today reported that it had purchased a 12-dunam (three-acre) lot on Bar Kokhva Street in the French Hill neighborhood in Jerusalem from Cim Lustigman Enterprises and Construction for NIS 100 million.
According to the existing urban building plan, the land is zoned for a residential high rise with 170 apartments. Minrav hopes to convince the Jerusalem municipality to increase construction rights in the site. "The company estimates the investment in the project at NIS 330 million and the revenue from it at NIS 380 million," Minrav said in its announcement.
Minrav added that it "would also reimburse the sellers for NIS 20 million in expenses for actions taken with the land by the previous owners (such as planning, digging, and revetment). Minrav was advised in the deal by Adv. Avigail Kastiel and Adv. Moshe Zilberberg of the S. Horowitz law firm."
Minrav stated in another announcement that it had made a combination deal to acquire a 2.2-dunam (0.55-acre) lot at 97-99 Harav Kuk Street in Herzliya for the purpose of constructing two residential buildings with 90 apartments. "Under the agreement, the company will carry out the project for the owners in exchange for rights to 56% of the housing units in the project. The agreement is contingent on approval of a new urban building plan. The company estimates the investment in the project at NIS 114 million and the revenue at NIS 133 million. The project will take 30 months from the time the building permit is obtained and the existing housing units are removed," Minrav's announced stated. Minrav was represented by Adv. Hagai Adoram from the Adoram & Co. law firm.
"These deals are part of the company's strategy for making deals in attractive locations with good access to transportation. The project in Jerusalem is located close to the planned Jerusalem light rail Green Line, near parks and green spaces. The project in Herzliya is located next to Kibbutz Glil Yam, with convenient access to the Herzliya railway station and the Ayalon Highway," Minrav Projects CEO Dror Kuznitsky said.