The Marker' Hadar Horesh, 23.07.2020

A new plan for urban renewal on Arthur Hantke Street in Jerusalem has been approved for deposit. The plan is part of a large urban renewal project of the Kiryat Yuval neighborhood in the city, which will become one of the most sought-after areas in Jerusalem following the connection to the light rail and the completion of the southwest entrance to the city.

The renewal program is being promoted by ICR, a company owned by Israel Canada and the Ram Group. Under the plan, 12 old railway buildings, including 18 apartments, will be demolished, resulting in a 9.5-dunam area being vacated for new construction. In place of the existing buildings, four 25-story residential towers with a total of 480 apartments will be built, in a tiered construction on the western slopes of the mountain, with commercial facades. The facades of the houses face west and overlook Ein Kerem.

The developers estimate that about NIS 650 million will be invested in the deal and the expected return from the sale of the apartments and commercial areas is estimated at NIS 800 million